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Latam FX slip; The Brazilian real falls due to political problems

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Latam FX slip;  The Brazilian real falls due to political problems

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Latin American currencies fell on Monday,

Lagging behind its broader emerging market peers, with Brazil’s real

extend losses to a fifth consecutive session due to mounting concerns

on corruption in the country.

The real hit a two-week low and last traded lower.

0.7%, despite data showing private sector business activity

in Brazil came back to life in June, benefiting from the

relief from some COVID-19 restrictions.

The UOL website reported Monday that Brazilian President Jair

Bolsonaro was involved in a plan to steal the salaries of his assistants

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while a federal deputy. This comes after the Supreme Court

authorized an investigation of Bolsonaro for the hiring

process for an Indian COVID-19 vaccine.

Recent political developments, particularly those of Bolsonaro

declining popularity, they’ve removed the shine from the real thing,

which lost about 4% in the last six days.

Still, the coin is up 2% this year and is the best

performance in Latin America, supported by positive data and a

central bank hawkish.

Broader emerging market currencies rose

High unemployment data in the US last week continued to weigh

the dollar. But the trade was light due to a public holiday in

the United States.

The outlook for a weak US labor market is expected to remain

the Federal Reserve to tighten monetary policy in the next few

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term and profit of emerging markets. Acts of the Federal

The previous Reserve meeting on Wednesday will be attended for more

tracks.

Rabobank’s Christian Lawrence doesn’t see coins as

vulnerable as they were during the 2013 tantrum, adding

that an aggressive stance by many EM central banks to maintain the rate

attractive spreads creates a less negative story for

EM.

“I am constructive with MS for the next few months”,

saying. “I hope the dollar is strong, but more against

developed markets rather than emerging markets. “

The Chilean peso lost 0.2%, but losses were limited to

Monday due to the rise in the price of copper, the main one in the country

to export. The Peruvian sol lost 0.7%, losing by the third

session running.

Mexico’s currency fell 3%, although data showed

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increasing Mexican consumer confidence in June.

In Argentina, the province of Buenos Aires extended the term

for a $ 7 billion debt restructuring deal and agreed to renew a

“Last round” of talks with creditors after more than a year of

tense negotiations.

Among the shares, the oil company Petrobras was among the

the biggest obstacles for the Sao Paulo Bovespa index. The company

announced increases in gasoline and diesel prices on Monday,

under the new CEO. Bolsonaro had overthrown the previous

Head up the diesel prices.

Main stock indices and currencies of Latin America at 1907 GMT:

Stock market indices Last% daily

change

Emerging markets MSCI 1,354.66 -0.05

MSCI LatAm 2598.78 -0.72

Brazil Bovespa 127 160.39 -0.36

Mexico CPI 50 397.34 0.35

Chile IPSA 4276.41 -0.89

Argentina MerVal 64 831.62 2.371

Colombia COLCAP 1289.38 2.3

Currencies Last% daily

change

Brazilian real 5.0851 -0.67

Mexican peso 19.8440 -0.43

Chilean Peso 735.9 -0.18

Colombian peso 3739 0.00

Peru sol 3.9215 -0.75

Argentine peso 95.8800 -0.08

(interbank)

(Reporting by Ambar Warrick

Edited by David Goodman, William Maclean)

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In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

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