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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Update - Chilean Peso Feels Brunt Of Greenback Strength
- Despite the above 1% gains in the USD index on Friday following the stellar US jobs report, emerging market currencies have been impacted relatively less following the data, with the JPEM currency index down just 0.42%.
- In LatAm, the Brazilian Real is close to unchanged for the session and shows clear outperformance. On the other hand, the Chilean peso has been the hardest hit following the release amid the sharp pressure on the front-end of the Treasury curve.
- The Mexican peso also showing its resilience as USDMXN continues to hover just above recent lows. Attention remains on support at 20.2080, the Jul 29 low. A break would signal scope for a deeper pullback towards the 20.00 handle.
- Later today, Citibanamex will release its economist survey with forecasts for inflation, GDP growth and monetary policy moves. On Monday, the focus will be on Chile CPI and Trade Balance. Later in the week, attention will be on Brazil central bank minutes and both Mexican and Brazilian CPI data for July.
- There will be monetary policy decisions from both Mexico and Peru on Thursday.
- Below gives key levels of LatAm markets in current trade:
- USDMXN up 0.23% at 20.394
- USDBRL down 0.04% at 5.2116
- USDCLP up 1.75% at 918.35
- USDCOP up 0.83% at 4323.58
- USDPEN up 0.44% at 3.908
- Bloomberg Dollar Index up 0.74% at 1276.04
- JPMorgan EM Ccy Index down 0.42% at 50.341
- S&P E-Mini Future down 35.5 points (-0.86%) at 4116
- WTI Crude Oil (front-month) up $1.6 (1.81%) at $90.10
- Gold is down $15.68 (-0.88%) at $1775.64
- Copper Futures up 6.7 (1.92%) at 354.70
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.