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Surging US Yields, Weak Equities Weigh Substantially on Regional FX

LATAM FX
  • Surging US yields following the latest inflation data continues to spur the renewed strength in the greenback. Furthermore, waning risk sentiment across the equities space amid growth concerns has weighed heavily on the emerging market currency basket and sees LatAm FX significantly lower across the board.
  • Latest headlines:
    • *MEXICAN PESO WEAKENS PAST 50-DMA TO LOWEST SINCE MAY 19 (BBG)
    • *COLOMBIAN PESO FALLS MOST IN TWO YEARS AMID EMFX SELLOFF (BBG)
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 1.61% at 19.99
    • USDBRL up 1.55% at 4.9839
    • USDCLP up 2.47% at 845.18
    • USDCOP up 2.34% at 3940.95
    • USDPEN up 0.57% at 3.773
    • Bloomberg Dollar Index up 0.83% at 1253.78
    • USDCNH up 0.42% at 6.7293
    • JPMorgan EM Ccy Index down 0.85% at 52.082
    • S&P E-Mini Future down 99.75 points (-2.48%) at 3916.25
    • WTI Crude Oil (front-month) down $1.29 (-1.06%) at $120.23
    • Copper Futures down 9.4 (-2.15%) at 428.70
    • US 2-Yr yield is up 23 bps at 3.0445%
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