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Snapshot: Brazilian Real Extends 2022 Gains To Over 9%

LATAM FX
  • BRL, CLP and PEN all extending gains and continuing their strong upward trends in 2022. Regional currencies are tracking the positive sentiment seen in commodity-linked FX amid the geopolitical headlines.
  • USDBRL has risen a further 1% during today’s trading session and is within close proximity of 5.0416, the Jul 29 low ahead of the 5.00 handle.
  • MXN and COP are the relative underperformers on Tuesday, both unchanged versus the greenback.
  • Latest headlines:
    • Lula Calls on Eletrobras Workers to Protest Privatization (BBG)
    • Chile Constitutional Convention Shortens Time for Debates (BBG)
    • Brazil's Moro says union with Doria against extremes possible (BBG)
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.03% at 20.3195
    • USDBRL down 1% at 5.0561
    • USDCLP down 0.55% at 794.39
    • USDCOP down 0.01% at 3938.05
    • USDPEN down 0.65% at 3.7357
    • Bbg Dollar Index down 0.01% at 1174.86
    • JPMorgan EM Ccy Index up 0.36% at 53.669
    • BBG Commodity Index up 1.5149 points (1.36%) at 113.1306
    • WTI Crude Oil (front-month) up $1.23 (1.35%) at $92.30
    • Gold is down $7.51 (-0.39%) at $1898.98
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