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USDCLP Bounces After Reaching Lowest level Since November

LATAM FX
  • Mixed performances across regional currencies with BRL the clear outperformer, erasing much of Thursday’s losses and briefly printing at a fresh 6-month high.
  • The Chilean Peso is the worst performer after a volatile session to end the week. USDCLP briefly breached support at 793.46, the Jan 27 low and a bear trigger before aggressively reversing – buoyed by the continued pressure on risk sentiment stemming from geopolitical tensions.
  • MXN continues to consolidate at elevated levels but appears sheltered to global developments. Markets will keep an eye for a sustained move below 20.25 next week, with the next potential USDMXN target residing at 20.1196, the October lows.
  • Data docket substantially more full next week with mid-month inflation readings for both Mexico and Brazil.
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