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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
LATAM FX
- Given the overwhelming strength for the majority of Latam currencies in 2022, it is not surprising to see the events overnight and ensuing dollar strength finally test the Latam FX resolve.
- Indeed, with the Bloomberg dollar index having its biggest intra-day advance since March 2020 and the Ice dollar index (+1.53%) has now reaching a 19-month high above 97.50, we are witnessing notable declines in regional currencies on Thursday.
- Bottom of the pile is the Chilean peso, which has had a further headwind with the sharp retracement in copper futures over the past few hours.
- In similar vein, USDBRL has reacted strongly following yesterday’s test of the 5.00 mark and has scope for further short-term gains towards the first resistance at 5.2209, the 20-day EMA.
- An interesting sidenote that one Banxico member considered a 75bp rate hike at the February meeting, however, bigger forces at play are also keeping MXN on the backfoot, with economic activity data scheduled for tomorrow.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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