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Strong Reversal Lower In Crude Futures Weighs On COP

LATAM FX
  • USDCOP is outperforming on Thursday as both Brent and Crude futures are roughly $8/bl off their earlier best levels. Today’s move higher marks a firm squeeze following the significant shift lower for the pair from around 4000 to yesterday’s low at 3730.
  • USDMXN has spent the session consolidating around the 21.00 mark and along with USDBRL, are marginally higher on the day.
  • CLP and PEN are registering marginal gains amid rising copper prices and the Peru central bank decision is due after the close.
  • Latest headlines:
    • Brazil senate approves bill to stabilize fuels prices (BBG)
    • Mexico Senate Leader Wants Banks Making Cheap Loans for Recovery (BBG)
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.11% at 20.931
    • USDBRL up 0.37% at 5.0299
    • USDCLP down 0.17% at 803.48
    • USDCOP up 2% at 3817.75
    • USDPEN down 0.43% at 3.7114
    • Bbg Dollar Index up 0.28% at 1197.65
    • S&P E-Mini Future down 49 points (-1.15%) at 4217.25
    • BBG Commodity Index down 0.2832 points (-0.23%) at 125.5758
    • WTI Crude Oil (front-month) down $0.89 (-0.82%) at $107.82
    • Copper Futures up 7.95 (1.74%) at 464.35
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