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Sol Gains Further 1.5% Approaching Election Weekend

PERU

The Peruvian Sol has had its biggest daily rally since November, leading the EMFX charge, up 1.44%.

  • The currency had been depreciating gradually and consistently throughout March, a move which saw USDPEN rise from 3.65 to 3.77. During this time the central bank have been actively intervening in fx markets in an attempt to curb the depreciation.
  • This move has been entirely reversed in just a few days, with the pair trading back below 3.64 for the first time since February 22nd.
  • Analysts have noted potential optimism regarding the likelihood of a market-friendly candidate (particularly Hernando de Soto) doing well at Sunday's election, despite the fact the top two candidates will then compete in a runoff on June 6.
  • The currency strengthened past 50-day MA at 3.6757 during early NY trade and is now testing the 100-day MA at 3.6426. Three-day gains for the sol now total 3.6%.
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