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Weak Chinese Data Weighs On Risk/Boosts USD, Assumption Day Local Holidays

LATAM
  • China activity data for July has come in softer than expected. IP growth at 3.8% versus 4.3% expected, while retail sales also surprised on the downside 2.7%, against 4.9% forecast.
  • With the weaker than expected data weighing on broader risk sentiment across global markets, the USD index has risen roughly half a percent since the open.
  • USD/CNH has seen solid upward momentum with the pair now trading close to 6.7800. This is the sharpest drop in CNH since around a month ago. We remain within well worn ranges though. Since late May moves up in the pair have generally run out of steam above 6.7850 and in the low 6.7900 region. Beyond that of course is the YTD highs close to 6.8400, from mid-May.
  • The broad EM FX basket is mirroring the adjustments in the greenback and USDMXN has traded back toward the 20.00 mark after opening around 19.85.
  • A fairly light week for LatAm data releases. Highlights will be second quarter real GDP in Colombia on Tuesday, and in Chile on Thursday.
  • Argentina, Colombia, Chile observe public holidays today.
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