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Weak US Payrolls Weigh On Regional Currencies

LATAM FX
  • Regional currencies came under further pressure following the weaker-than-expected US labour market data and the resultant risk off theme for major equity indices. However, initial losses have been pared in recent trade with the broader weakness for the dollar filtering through.
    • The Mexican peso is underperforming and USDMXN (+0.93%) spiked as high 19.2146 post data, before falling back towards the 19.00 handle. The focus remains on 19.2322, the March 2023 high.
    • USDBRL has unwound initial gains and is now broadly unchanged around 5.75, having risen to 5.7926 immediately after the data. Focus is on 5.8275, the 1.618 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing.
    • USDCLP has pared initial gains, with the pair up by 0.3% at the time of writing around 955. A clear break of key short-term resistance and a bull trigger at 956.73, which was pierced, would open 964.03, 76.4% of the Jun 14 - May 20 downleg.
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