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Summary: Brazil Reform Agenda Extended, Peru Presidency, Colombia 3Q GDP

LATAM

MEXICO - USDMXN small higher as equities retreat and despite a softer dollar index. Topside 20.38 and 20.50 are short term resistance points with main support seen at 20.03.


*PRICED LATE YESTERDAY: Mexico $3.625b Debt Offering in 2 Parts:

  • $1.825b Long 10Y at +175 (IPT low +200s, Coupon 2.659)
  • $1.8b Long 40Y at +210 (IPT mid +200s, Coupon 3.771)

1200GMT/0700ET – Mexico Oct. Unemployment Rate NSA (Prior 5.1%)


BRAZIL - Cautious tones from both Campos Neto and Nechio yesterday as the central bank prepares to remain accommodative despite the pick-up in economic activity. Fiscal concerns remain top priority, especially as VP Mourao commented that Brazil's tax and administrative reforms are unlikely to move forward before February next year.


COLOMBIA publishes its third quarter gross domestic product data, along with September activity figures.

  • Colombia GDP q/q (Exp 8.6% vs Prior -14.9%) & NSA y/y (Exp -9.0% vs Prior -15.7%)
  • Colombia Sep. Economic Activity (Exp -6.7% vs Prior -10.6%)

PERU - Francisco Sagasti named as third president in a week. He is a founding member of the Purple Party, a centrist, liberal and progressive Peruvian political party, which should provide a degree of respite regarding social unrest. Traders note that the CB intervened already last week and we could see more of the same, while the broader USD trend should help limit losses.


ARGENTINA - Lawmakers in Argentina's lower house will hold a special session Tuesday to debate a tax on wealthy individuals.

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