Summary - MXN, BRL Approach Key Levels

MEXICO - Consolidation day for USDMXN yesterday despite BRL and PEN rallying well. More positive price action this morning brings the post-election lows firmly in to play at 20.03. A break of this level will target the following supports:

• SUP: 19.85 1.382 proj of Aug 4 - Sep 18 - Sep 24 price swing
• SUP: 19.60 1.50 proj of Aug 4 - Sep 18 - Sep 24 price swing
• 1430GMT/0830Local: Central bank to swap Bondes D development bonds to extend maturities.

BRAZIL the big performer yesterday rallying 2%. It was noted the central bank signalled it may increase the level of foreign exchange swaps on account with an increased interest for USD in the near term, potentially bolstering the move lower in USDBRL.

• 5.2561 is the 200day MA which was decent support on the 9th Nov.
• Elsewhere, the 2nd preview of IGP-M Inflation ticked up to 3.05% vs survey of 2.92%.

PERU - Markets adjust to the new centrist leader and were further buoyed by the apparent proposal to reinstate Maria Alva as Finance Minister again. The Interim President's first comments were centred around economic and fiscal stability and seeking to speed up budget execution.

Colombia - economy rebounded from its deepest slump on record.

• GDP improved by 8.7% in the third quarter compared to Q2.
• The result was slightly better than expected, amid an easing of national lockdowns and was led by a recovery in manufacturing and retail.