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Update - MXN Continues Bullish Trend

LATAM

Despite a bit of USD strength over the last few hours seen against some major pairs, Latam FX continues to perform well, led by MXN and CLP, heading into the weekend.

  • USDMXN (Down 0.76%) grinding lower since payrolls, currently 19.7450. Supports below we have:
  • SUP 1: 19.6037 1.50 proj of Aug 4 - Sep 18 - Sep 24 price swing
  • SUP 2: 19.1560 Low Mar 3
  • USDCLP closes below most recent lows of 747 at 745.09. This opens up a potential move to 735.85 which is the 61.8% of the Feb 2019 - Mar 2020 rally.
  • Brazil swap rates marginally higher between 3-5 bps as USDBRL takes a breather and consolidates gains, following a stellar week for the Real.

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