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Summary - MXN Through 20.00, Guedes, Pinera And Sagasti On Wires

LATAM

MEXICO - USDMXN through Election lows of 20.03 and breaks 20.00 for first time since early March.

  • Data heavy week with CPI, Retail Sales, Trade Balance and GDP.
  • Also, Banxico minutes on Thursday following split decision hold where differing views on the committee will be monitored.

BRAZIL - Guedes headlines in Valor. In line with recommendations from the IMF, Brazil will be withdrawing its fiscal support gradually. He reiterated that the country would meet the spending cap requirements in January 2021.

  • The divergent price action from MXN to finish the week, suggests markets are more cautious regarding the timeline of fiscal reform trajectory.
  • Combined with this, continued technical support from the 200day MA (now 5.2725) potentially prompted some profit taking into the weekend.

COLOMBIA - BANREP decision on Friday. The central bank appears set to remain at 1.75% for a second consecutive meeting.

  • This is the unanimous call from analysts as of today and would be in line with calls that the easing cycle is over.
  • Recent deterioration in inflation should prompt discussion within the committee and will be closely monitored for projections moving forward.

CHILE The government of President Pinera asked Chile's constitutional court to block a proposal by some lawmakers to allow another round of withdrawals from pension funds. To note, last week a parallel bill was garnering Senate support, but this appears more direct criticism, citing the initiative as violating the nation's constitutional order.

  • Elsewhere, Lundin Copper Workers Accept Wage Offer to End Chile Strike at Candalaria Copper Mine

PERU Interim President Sagasti dashed any speculation that he may push for a referendum on Peru's constitution.

  • "We think this is a task for a new government, freely elected by the people," he said. "We don't think this is a short-term priority."
  • As a reference, General Elections are expected to be held in April 2021.

Argentina and Venezuela National holidays

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