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AUSSIE 3-YEAR TECHS

(Z2) Ebbing Lower

USDCAD TECHS

Fresh Trend High

ASIA

Coming up in the Asia-Pac session on Tuesday:

US TSYS

BoE Emergency Action Talk Spurs Higher US Tsy Ylds

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Snapshot: USDCLP Rises 3%, Extends Recovery Above 950

LATAM
  • Thursday consolidatory price action USDCLP following the near 14% selloff since the announcement of BCCh FX intervention showed signs of the Peso’s rally losing steam. Indeed on Friday, contrary to the weaker Dollar Index, the Chilean peso has fallen 3% and is comfortably the weakest currency on the board.
  • In similar vein, COP (-0.90%) has been dragged lower, extending on the weaker price action exhibited on Thursday.
  • More in line with the broad move in the greenback, USDMXN is off roughly 0.4% following the slightly firmer bi-weekly CPI data earlier in the session. Banxico’s Heath has once again taken to twitter to indicate the sharp upward trend that remains in core inflation – likely cementing further aggressive tightening at the August meeting.
  • Next week’s highlights - Mexico economic activity will be published on Monday, before mid-month IPCA inflation data from Brazil on Tuesday. BCCh minutes are published Thursday before Mex GDP and the BanRep July decision on Friday.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.38% at 20.5526
    • USDBRL down 0.13% at 5.4905
    • USDCLP up 2.89% at 953.5
    • USDCOP up 0.82% at 4460.75
    • USDPEN up 0.05% at 3.917
    • Bloomberg Dollar Index down 0.29% at 1276.45
    • S&P E-Mini Future down 48.5 points (-1.21%) at 3952.75
    • WTI Crude Oil (front-month) down $0.58 (-0.6%) at $95.77
    • Copper Futures up 2.95 (0.89%) at 333.15
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  • Thursday consolidatory price action USDCLP following the near 14% selloff since the announcement of BCCh FX intervention showed signs of the Peso’s rally losing steam. Indeed on Friday, contrary to the weaker Dollar Index, the Chilean peso has fallen 3% and is comfortably the weakest currency on the board.
  • In similar vein, COP (-0.90%) has been dragged lower, extending on the weaker price action exhibited on Thursday.
  • More in line with the broad move in the greenback, USDMXN is off roughly 0.4% following the slightly firmer bi-weekly CPI data earlier in the session. Banxico’s Heath has once again taken to twitter to indicate the sharp upward trend that remains in core inflation – likely cementing further aggressive tightening at the August meeting.
  • Next week’s highlights - Mexico economic activity will be published on Monday, before mid-month IPCA inflation data from Brazil on Tuesday. BCCh minutes are published Thursday before Mex GDP and the BanRep July decision on Friday.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.38% at 20.5526
    • USDBRL down 0.13% at 5.4905
    • USDCLP up 2.89% at 953.5
    • USDCOP up 0.82% at 4460.75
    • USDPEN up 0.05% at 3.917
    • Bloomberg Dollar Index down 0.29% at 1276.45
    • S&P E-Mini Future down 48.5 points (-1.21%) at 3952.75
    • WTI Crude Oil (front-month) down $0.58 (-0.6%) at $95.77
    • Copper Futures up 2.95 (0.89%) at 333.15