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Snapshot - USDMXN Hugging The Highs

LATAM
  • MXN the standout underperformer as souring risk sentiment earlier in the week has sparked a breakout. The deterioration in technical conditions for the pair has seen solid follow through on the break higher for USDMXN.
  • Elsewhere, adjustments for local currencies remained small on Friday.
  • On Monday, markets will receive Mexico retail sales data for June and Peruvian Q2 GDP. Highlights for the week ahead include mid-month inflation data for Mexico and Brazil, scheduled for Tuesday and Wednesday respectively. Mex Bi-weekly CPI is expected to decline to 5.66% Y/y whereas surveyed estimates expect Brazil IPCA to accelerate to 9.25% Y/y.
    • USDMXN up 1.44% at 20.4519
    • USDBRL down 0.05% at 5.4115
    • USDCLP down 0.07% at 786.49
    • USDCOP down 0.05% at 3868.06
    • USDPEN up 0.2% at 4.1146
    • Bloomberg Dollar Index up 0.13% at 1159.07
    • JPMorgan EM Ccy Index down 0.13% at 55.688
    • S&P E-Mini Future up 35 points (0.8%) at 4436.5
    • BBG Commodity Index down 0.7351 points (-0.8%) at 91.1862
    • WTI Crude Oil (front-month) down $1.38 (-2.17%) at $62.31
    • Gold is up $2.86 (0.16%) at $1783.23
    • Copper Futures up 9.3 (2.3%) at 413.35

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