Forex - Latam Summary & Highlights May 22.


 20:40 (GMT) 22 May

  [Forex Highlights]

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Latam Summary & Highlights May 22. (0101-LJKG-C01)

BRAZIL: BRL closed the day with a marginal loss after a volatile day. Global mixed backdrop did not find a pattern with the US Fed minutes confirming that it will keep a steady path. Currency closed 0.1% weaker at 4.043. Di curve had a marginal correction and fell across the board with Jan 20 Di down 1bp to 6.41% while Jan 25 Di was down 1bp to 8.62%. 5y CDS was unchanged at 179. Bovespa closed stable at 94,458, after a volatile session.

MEXICO: Mixed global backdrop helped a marginal gain in MXN, which closed 0.1% stronger at 18.993. Spread between 10y Mbono and 10y UST was up by 3bp to 567. 1y IRS was down by 2bp to 8.35%. 5y CDS was up by 1bp to 116. Mexbolsa lost 0.62% to 42,924. March retail sales and services data were weaker than market expected. Retail sales came at -0.2%m/m, +1.6%y/y while Services was mixed at +1.16%m/m, +1.6%y/y. Wholesale had a very weak result at +0.1%m/m, -1.5%y/y.

ARGENTINA: ARS lost 0.18% to 44.883. The release of the fists polls after former president Cristina Fernandez de Kircher said she does not intend to run for president, which predicted that both Mauricio Macri and Maria Eugenia Vidal would lose, made the currency halt yesterday's rally. The monetary policy rate was 23bp down to 70.985%. Bonar 24 decreased 0.28% to 68.6. 5y CDS was up 1bp to 1,125. Merval gained 0.36% to 34,605. March proxy GDP (EMAE) came weaker than market expected but stronger than our forecast at -1.3% m/m, -6.8% y/y.

CHILE: CLP lost 0.34% to 697.10, following a 1.4% copper prices drop. 1y IRS was 4bp down to 3.0%. 5y CDS was 2bp up to 47. IPSA gained 0.13% to 4,921.

COLOMBIA: COP had a positive day, gaining 0.2% to close at 3,335.7, despite large losses in oil prices. 1y IRS was down 1bp to 4.30%. 5y CDS increased 1bp to 109. IGBC lost 0.5% to 12,165. April industrial confidence index rose to 4.4 while retail confidence index was up from 27.5 to 29.5.

PERU: PEN hardly changed in the day, closing the day at 3.3419, as global backdrop was mixed. 1y NDF was down 12bp to 3.89%. 5y CDS was 1bp up to 67.


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