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Snapshot: Firmer Greenback Weighs on LatAm FX, CLP Underperforms

LATAM
  • Despite the firmer Bloomberg commodity index, the stronger US dollar has weighed on LatAm currencies to start the week.
  • Particular underformance has been seen in the Chilean Peso, which has retreated over 1.5%. The relative weakness comes despite weekend polls indicating a slight boost to both President Boric’s approval and in support for the new constitution. Weakness in copper prices likely weighing on CLP before tomorrows BCCh decision.
  • Latest headlines include:
    • Brazil’s presidential front-runner Luiz Inacio Lula da Silva seeks to annul the country’s labor reform and get rid of its spending cap rule. (Globonews TV)
    • Mexican Economy Lost 2,855 Jobs in May, IMSS Says (BBG)
    • Dominican Republic Govt Confirms Murder Of Environment Minister (BBG)
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.28% at 19.6145
    • USDBRL up 0.55% at 4.8
    • USDCLP up 1.54% at 823.97
    • USDCOP up 0.19% at 3795.43
    • USDPEN up 0.69% at 3.734
    • BBG Dollar Index up 0.26% at 1233.16
    • S&P E-Mini Future up 10.75 points (0.26%) at 4117.75
    • BBG Commodity Index up 2.4949 points (1.86%) at 136.3127
    • Gold is down $9.48 (-0.51%) at $1841.69
    • Copper Futures down 3.95 (-0.88%) at 443.25
    • US 10-Yr yield is up 10 bps at 3.03%
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