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Turnaround In Equities Weighs On Latam FX

LATAM
  • With e-mini S&P 500 futures giving up early gains and sliding to one-month lows, LatAm FX has fallen victim to the shift in sentiment.
  • USDMXN has risen approximately 1.5% off the earlier 19.9128 lows, narrowing the gap with initial firm resistance at 20.2668, Aug 19 high.
  • Banxico are due to release its quarterly inflation report tomorrow.
  • The Chilean peso is outperforming regional peers following the news overnight that the IMF approved an $18.5 Billion credit line for Chile. Details here: https://marketnews.com/imf-approves-18-5-billion-credit-line-for-chile
    • Brazilian GDP and Chilean Economic Activity will cross on Thursday.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.89% at 20.2048
    • USDBRL up 1.28% at 5.0939
    • USDCLP down 0.06% at 884.21
    • USDCOP up 1.27% at 4424.7
    • Bloomberg Dollar Index up 0.18% at 1296.24
    • S&P E-Mini Future down 45 points (-1.12%) at 3986
    • BBG Commodity Index down 3.2893 points (-2.62%) at 122.3157
    • WTI Crude Oil (front-month) down $5.64 (-5.81%) at $91.32
    • Gold is down $13.16 (-0.76%) at $1723.67
    • Copper Futures down 7.8 (-2.16%) at 353.40
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