Forex - Latam Summary & Highlights December 6.

 21:34 (GMT) 06 Dec

  [Forex Highlights]

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Latam Summary & Highlights December 6. (0101-GNMP-C01)

BRAZIL: BRL lost 0.35% to 3.88, with mixed global backdrop with large losses in the equity and commodity markets, compensated by weaker DXY. Local news were not helpful with congress delaying vote for Petrobras Rights Cession until 2019. Nonetheless Di curve eased. Jan 20 di was down 5bp to 6.89%, while Jan 21 was down 6bp to 7.91%. 5y CDS was 1bp up to 212. Ibovespa lost 0.42% to 88,658. November vehicle production was down 1.6%y/y. Sales are more resilient but also showed some slowdown at 13.1%y/y

MEXICO: In a very volatile day when the currency traded between 20.30 and 20.65, MXN reversed most of the week loss to close 0.8% stronger at 20.35. Gains were supported by large downward correction in DXY and reversal of most of US equity market early losses. Spread between 10y Mbono and 10y UST was 1bp up to 623. 1y NDF was up 4bp to 8.86%. 5y CDS was unchanged at 151. Mexbolsa gained 0.3% to 42,007. Vehicle Production and sales continue to paint a negative picture of the Mexican economy with a -1.3%y/y and -5.4%y/y print for November

ARGENTINA: Risk-off took the currency down by almost 2% in early trading but ARS moderated loses later on closing the day 0.51% weaker to 37.701. The monetary policy rate fell 10bp to 59.0%. Bonar 24 decreased 0.16% to 95.5. 5y CDS rose 3bp to 684. Merval gained 0.89% to 32,063.

CHILE: CLP lost 0.83% to 678.52 with market's fears that the detention of Huawei's CFO may threaten the U.S.-China trade war truce. 1y IRS continued pricing BCCH's inflation estimates dropping another 4bp to 3.16%. 5y CDS was 2bp up to 59. IPSA lost 0.45% to 5,119. October nominal wages cam below market expectations at -0.1% m/m, 4.1% y/y.

COLOMBIA: COP dropped 0.83% to 3,187.43, with large sell off in oil prices. 1y IRS was down 5bp to 4.48%. 5y CDS increased by 1bp to 139. IGBC lost 1.73% to 11,850.

PERU: PEN recovered 0.08% to close at 3.3747, ignoring lower copper prices. 1y NDF implied rate was 20bp down to 4.26%. 5y CDS was up 1bp to 94.

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