Summary - 24th Nov

MEXICO - USDMXN hovering just above 20.00 as we await mid-month inflation this morning and lots of data releases throughout the week including the QIR and Banxico minutes. 19.95-20.18 short term range.

1730GMT/1130Local - Central Bank releases auction results of:

• 7.5b pesos of 28-day Cetes, 13b pesos of 91-day Cetes
• 12.5b pesos of 175-day Cetes, 8b pesos of 357-day Cetes
• 10.5b pesos of Mbonos due March 2026
• 850m udis of inflation-linked bonds due Nov. 2028

BRAZIL Poor day for BRL yesterday closing down just shy of 1%.

• Despite Guedes attempting to assure the markets the emergency aid program would "ideally" finish at the end of 2021, mounting covid cases appears to be spurring some outflows as markets remain cautious around fiscal pressures.
• USDBRL right on the 100day MA with 5.50/52 next resistance point.

CHILE More rumours circulating regarding another F&F fund reallocation. In my opinion, this is trying to pin a story to the move given the amount of activity in recent weeks and the BCB have been fairly vocal in their opposition to such procedures.

• USDCLP back above 770 with 780 as notable pivot resistance should we see another leg higher.

PERU Launched Yesterday: Peru $4b Debt Offering in 3 Parts

• $1b 12Y Fixed (Dec. 1, 2032) at +100
• $2b 40Y Fixed (Dec. 1, 2060) at +125
• $1b 100Y Fixed (July 28, 2121) at +170

"Independent of the political events, there's a confidence that investors have in the financial institutions of our country," Jose Olivares, the head of public debt at the Finance Ministry, said in an interview.

ARGENTINA

• Sept. Economic Activity Index M/M, Est. 1.9% vs. Prior 1.1%; Y/Y, Est. -8.6%, vs. -11.6%
• Oct. Trade Balance - Est. $700.0m, prior $584.0m