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Free AccessSnapshot: USDCLP Rises 3%, Extends Recovery Above 950
- 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
To read the full story
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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.