Most Latam FX down as dollar firms, stocks rise
Updated at 10:40 a.m. ET/ 1440 GMT
Colombia CPI awaited
Mexico's Gruma down after antitrust watchdog ruling
Latam FX down 0.3%, stocks up 0.1%
By Shashwat Chauhan
Oct 7 (Reuters) -Most Latin American currencies slipped against the dollar on Monday, as it held firm on bets the U.S. Federal Reserve will not opt for a bigger interest rate cut this year.
The dollar index =USD, which measures the currency against a basket of major global peers, hovered near a seven-week high after its best weekly performance since 2022 last week.
Mauro Roca, managing director of emerging markets at TCW said the Fed and the dollar will be the main drivers for EM currencies in the near term.
"The market continued to test this hypothesis of the soft landing because the other drivers that we have in EM are of second nature."
Data last week showed U.S. job gains increased by the most in six months in September and the unemployment rate fell to 4.1%, pointing to a resilient economy that likely does not need the Fed to deliver large interest rate cuts for the rest of this year.
The chance of smaller cuts by the Fed in the future buoyed the U.S. dollar, while most EM currencies came under pressure.
The MSCI's index for Latin American currencies .MILA00000CUS slipped 0.3%, with Mexico's peso MXN= leading losses, down 0.3%
Laws that will implement a judicial overhaul enacted in Mexico last month should be presented in Congress in the coming days, lower house leader Ricardo Monreal said over the weekend.
Colombia's peso COP= weakened 0.8% against the U.S. dollar, ahead of the release of September consumer prices data later in the day, while Chile's peso CLP= slipped 0.2%.
Brazil's real BRL= was flat at 5.4572 per dollar in choppy trading, while local equities .BVSP were up 0.8%, supported by rising commodity-linked stocks.
Inflation in Brazil as measured by the IGP-DI price index rose 1.03% in September, compared to a 0.12% in August.
The MSCI's index for Latin American stocks .MILA00000PUS was up 0.1%, as most local bourses rose.
Mexico's Gruma GRUMAB.MX slipped more than 4% after Mexico's antitrust watchdog said that the corn flour and tortilla-maker can fix prices in the market.
Geopolitics remained in focus after Hezbollah fired rockets at Israel's third largest city Haifa, as Israeli forces looked poised to expand ground incursions into southern Lebanon on the first anniversary of the Gaza war.
Elsewhere in emerging markets, Uganda's central bank trimmed its key lending rate by 25 basis points for the second time in a row, lowering it to 9.75%, saying that inflation was expected to remain below its target in the near term.
HIGHLIGHTS
** Argentina analysts largely hold monthly, yearly inflation estimates steady in cenbank poll
** India asks banks to stop making large bets against rupee, sources say
Key Latin American stock indexes and currencies:
Equities | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1184.29 | 0.42 |
MSCI LatAm .MILA00000PUS | 2251.97 | 0.13 |
Brazil Bovespa .BVSP | 132795.16 | 0.76 |
Mexico IPC .MXX | 52978.42 | 0.7 |
Chile IPSA .SPIPSA | 6506.89 | 0.4 |
Argentina Merval .MERV | 1738474.22 | -1.027 |
Colombia COLCAP .COLCAP | 1307.2 | 0.26 |
Currencies | Latest | Daily % change |
Brazil real BRL= | 5.4572 | -0.03 |
Mexico peso MXN= | 19.32 | -0.33 |
Chile peso CLP= | 925.9 | -0.2 |
Colombia peso COP= | 4193.21 | -0.81 |
Peru sol PEN= | 3.7198 | 0.00 |
Argentina peso (interbank) ARS=RASL | 974.5 | -0.31 |
Argentina peso (parallel) ARSB= | 1175 | 1.70 |
Reporting by Shashwat Chauhan in Bengaluru; editing by Barbara Lewis
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