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Snapshot - Currencies Appreciating In Line With USD Weakness, USDMXN In Focus

LATAM
  • LatAm currencies are appreciating on Wednesday ahead of the Federal Reserve decision, in line with the broad greenback weakness seen across global markets. The Chilean peso is outperforming but most notably, USDMXN sits right at key support of 17.8981, of which a break may target a move to 17.5746, the Aug 25 2017 low.
  • Deutsche Bank reiterate to stay short USDMXN, but have noted that the pair is close to their target. DB said that “the positive drivers remain the same, but valuation and growth risks are creating stronger resistance for peso appreciation.”
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.41% at 17.906
    • USDBRL down 0.57% at 5.0121
    • USDCLP down 0.75% at 804.31
    • USDCOP down 0.65% at 4663.74
    • USDPEN down 0.15% at 3.707
    • Bloomberg Dollar Index down 0.44% at 1223.45
    • USDCNH down 0.28% at 6.9153
    • JPMorgan EM Ccy Index up 0.42% at 50.722
    • WTI Crude Oil (front-month) down $3.07 (-4.28%) at $68.57
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