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Snapshot - MXN and BRL Lead Global Charge, Awaiting Banxico

LATAM
  • LATAM FX Snapshot: *S&P BOOSTS 2021 GDP VIEW FOR LATAM MAJOR ECOS TO 5.9% VS 4.9%
  • Local currencies leading the global charge with MXN and BRL both up roughly 1.2% on the session. Despite the Bloomberg dollar index being down just 0.15%, emerging market currency indices continue to shine as equity indices continue their ascent.
  • Slow and steady bid for the MXN as we approach the Banxico decision in less than an hour. Local swaps curve seen bear flatter into the decision, potentially pre-empting a more hawkish statement following the higher than expected inflation data earlier.
  • Preview here if needed: https://roar-assets-auto.rbl.ms/documents/10590/MN...
    • USDMXN down 1.15% at 19.9676
    • USDBRL down 1.26% at 4.905
    • USDCLP down 0.11% at 734.25
    • USDCOP down 0.28% at 3774.42
    • BBG Dollar Index down 0.16% at 1136.98
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