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SUMMARY

LATAM

Friday Look Ahead (Times GMT/ET)

  • LATAM DATA (estimate, prior)
  • 08-Jan 1200/0700 Brazil Industrial Production m/m (1.3%, 1.1%)
  • 08-Jan ----/---- Colombia Consumer Confidence Index (-11.5, -13.6)

MEXICO - Banxico Governor Alejandro Diaz de Leon, Finance Minister Arturo Herrera and IMF Western Hemisphere head Alejandro Werner will all speak at an ITAM webcast.

  • Generally weak EM FX saw the biggest daily advance since September in USDMXN on a closing basis.
  • A failed technical break through 19.70 saw short term positions squeezed amid broad based usd demand. The Banxico minutes were in line, however, with several sell side firms now calling for a cut in Feb, this may have added to MXN headwinds.

BRAZIL register a daily record of 87,843 new confirmed cases. Sao Paulo state holds press conference to update Covid-19 restriction measures, 12:45pm Local.

  • Butantan signs agreement to sell 46m Sinovac doses to govt with the option to increase to 100m doses in the contract.
  • Brazilian assets struggling again yesterday with the Real declining to USD5.40 and the DI curve steepening aggressively with 10year swap rates rising over 30 basis points to around 7.75%.

CHILE - Consumer prices rose 3.0% year-on-year, compared with 2.7% in November and against a Bbg estimate of 2.8%. There was a bounce in the cost of clothing and household goods, as effects from a second round of early pension withdrawals filtered through and boosted demand.

  • USDCLP opening slightly higher again today as the market continues to digest the F&F recommendation and the currency unwinds some of its stellar gains from the previous few months. 720 was significant on the way down and may provide some resistance.
  • Bigger picture, copper prices continue their trajectory North which should benefit CLP overall.
MNI London Bureau | +44 020 3983 7893 | jack.lewis@marketnews.com
MNI London Bureau | +44 020 3983 7893 | jack.lewis@marketnews.com

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