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Snapshot – Regional Currencies In The Red, PEN The Exception

LATAM FX
  • LatAm currencies are underperforming on Wednesday, despite a weaker dollar and a firmer Bloomberg commodity index.
  • All LatAm FX sit in negative territory apart from the Peruvian Sol, which has been buoyed by the latest cabinet reshuffle and especially Castillo’s appointment of Oscar Graham as finance minister.
  • Graham’s experience and independence has been digested as a strong positive by markets with USDPEN reversing the bulk of the week’s gains following the significant resignations.
  • Copom Decision in focus after today’s market close.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.21% at 20.5859
    • USDBRL up 0.62% at 5.3019
    • USDCLP up 0.67% at 808.65
    • USDCOP up 0.06% at 3927.75
    • USDPEN down 0.78% at 3.8528
    • Bbg Dollar Index down 0.17% at 1177.35
    • JPMorgan EM Ccy Index down 0.22% at 53.305
    • BBG Commodity Index up 1.2155 points (1.12%) at 109.789
    • Copper Futures up 2.3 (0.52%) at 445.70
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