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USDPEN Completes 2% Round Trip, Local Equities Suffer

PERU
  • Volatile first session yesterday after the surprise election results over the weekend. USDPEN initially spiked over 2% but steady PEN demand throughout the session saw the entire move retrace.
  • Local equities and credit were more impacted by the result, with stocks as measured by the S&P/BVL Peru General Return Index falling as much as 3.2%.
  • Analysts have noted Fujimori may be more likely to capture the demographic of center and right-leaning voters that were split across several candidates heading into the first-round. However, uncertainties remain until the picture becomes clearer approaching the runoff.
  • DATA/HEADLINES:
    • February Trade Balance expected to be released – Prior reading +$347million
    • Most recently - Peru mining institute optimistic of reaching 2019 output levels (bbg)
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