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Snapshot: CLP Bolstered By Copper Advance, Greenback Broadly Unchanged

LATAM
  • The Chilean peso has risen 1.7% against the greenback as firmer price action for copper futures has kept a lid on the USDCLP advance, which still remains significantly above last week’s lows around 875.
    • Key support has been defined at 869.63, the Aug 12 low. A break of this level would be necessary to alter the current bullish undertones for the pair.
  • Some volatility for the BRL during the session, however, most regional currencies have made modest adjustments with a distinct lack of newsflow ahead of the JH symposium.
  • Mexico Trade Balance data and Brazil’s current account balance will cross the wires ahead of Fed Chair Powell on Friday but are likely to have little impact before the main event risk of the day.
  • It is worth noting as well that a BanRep Board meeting is also on the calendar. This is a regularly scheduled meeting with no monetary policy decision being made.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.36% at 19.9676
    • USDBRL up 0.18% at 5.1198
    • USDCLP down 1.68% at 906.13
    • USDCOP down 0.06% at 4406.47
    • USDPEN down 0.41% at 3.853
    • Bloomberg Dollar Index down 0.04% at 1288.74
    • USDCNH down 0.31% at 6.8563
    • S&P E-Mini Future up 16 points (0.39%) at 4158.25
    • WTI Crude Oil (front-month) down $0.61 (-0.64%) at $94.28
    • Gold is up $4.76 (0.27%) at $1756.09
    • Copper Futures up 4.85 (1.33%) at 369.25
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