Forex - Latam Summary & Highlights 12 Oct

 21:27 (GMT) 12 Oct

  [Forex Highlights]

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Latam Summary & Highlights 12 Oct (0101-FHMD-C01)

BRAZIL: BRL extended gains by 2.52% to 3.78 on electoral optimism after the first round election results, though optimism eased somewhat by the end of the week as market increasingly realizes that Bolsonaro might run into difficulties getting his agenda through the legislature. Di curve dropped across the board. Jan 19 DI was down 11bp to 6.53%, while Jan 21 Di fell 58bp to 8.25%. 5y CDS was 21bp down to 225. Ibovespa was fairly stable losing 0.04% to 82,921.

Latam Summary & Highlights 12 Oct (0101-FHMD-C02)

MEXICO: MXN followed the global EM trend losing 0.24% to 18.870. Spread between 10y Mbono and 10y UST increased 6bp to 497. 5y CDS was 2bp up to 121. Mexbolsa lost 1.27% to 47,442. On Friday, August industrial production came well below expectations at -0.5% m/m, 0.2% y/y. The surprise is explained by much weaker than expected construction, while manufacturing was fairly in line with expectations at 0.2% m/m, 2.1% y/y. Formal job creation accelerated in September at 129.5k.

Latam Summary & Highlights 12 Oct (0101-FHMD-C03)

ARGENTINA: ARS outperformed the region gaining 3.18% to 36.685 supported by very high rates above 72% for most of the week. On Friday, 7-day LELIQ average rate was 71.997%. Bonar 24 increased 1.40% to 101.07. 5y CDS was 23bp down to 614. Merval lost 1.51% to 29,713.

Latam Summary & Highlights 12 Oct (0101-FHMD-C04)

CHILE: CLP lost 0.32% to 679.53 on increased global risk-off. 1y IRS was unchanged at 3.23%. 5y CDS fell 1bp to 47. IPSA lost 2.19% to 5,143.

COLOMBIA: COP broke the key level of 3100 on Friday, though it recovered by the end of the session to close the week at 3095, 2.04% weaker. 1y IRS was 1bp down to 4.52%. 5y CDS increased 2bp to 121. IGBC lost 0.67% to 12,346.

PERU: PEN extended loses by 0.31% to 3.3345 following peers, despite higher copper prices. 1y NDF was up 2bp to 6.25%. 5y CDS was up 2bp to 80.

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