Chile's peso leads Latin American currencies higher on strong metal prices
Chile's peso jumps more than 1% against the dollar
Brazil's central bank boosts 2024 GDP forecast
Latin American currencies up 0.8%, stocks up nearly 2%
By Ankika Biswas
Sept 26 (Reuters) -Chile's peso led gains among most Latin American currencies against the dollar on Thursday, riding on the back of strong copper prices, while investors awaited Mexico's interest rate decision later in the day.
Chile's peso CLP= strengthened more than 1% against the greenback, hitting its highest level since early June, as copper prices surged to 3-1/2-month highs. Peru's sol PEN= also gained 0.4%. Chile is the largest producer of the metal, while Peru is the second-largest.
The MSCI Latam currencies index .MILA00000CUS rose 0.8% to a one-week high, while the index tracking emerging market stocks .MSCIEF jumped more than 2% to a fresh two-year high, with Chinese and Hong Kong stocks leading gains.
Metal prices rose across the board as top metals consumer China pledged fresh stimulus measures, strengthening the demand outlook.
Prices of iron ore futures also extended gains into a third straight session, likely supporting the Brazilian real BRL=, which gained 0.6% against the dollar.
Brazil's central bank raised its 2024 economic growth forecast to 3.2% from 2.3% and said it expects the economy to grow 2% in 2025, according to a quarterly inflation report.
The report emphasized that the increase in inflation projections across the central bank's relevant horizon "resulted primarily from stronger-than-expected economic activity, which led to a rise in the estimated output gap, currency depreciation, and higher inflation expectations."
"In Brazil, BRL trades are better after selling off on fiscal news last week, with terms of trade and a softer CPI (consumer price index) print than expected enough to halt ... the DI (domestic investor) sell-off," Citi analysts noted.
Mexico's peso MXN= gained 0.4% amid expectations that the central bank on Thursday will cut interest rates by 25 basis points.
Brazil's central bank hiked rates earlier this week while the U.S. Federal Reserve delivered a larger-than-usual 50-basis-point rate cut last week.
However, a more than 3% slide in oil prices, owing to the prospect of Saudi Arabia raising output, pulled Colombia's peso COP= down 0.2% and also capped gains in the Mexico's peso.
The MSCI stocks index .MILA00000PUS also jumped nearly 2% to a one-week high, led by Brazilian stocks .BVSP.
Elsewhere, the Turkish Central Bank said leading indicators suggest monthly consumer inflation will slow in September, while inflation expectations and pricing behavior continue to pose risks to the disinflation process.
HIGHLIGHTS:
** Nigeria's central bank sells FX at 1,590 naira per dollar to exchange bureaus
** Polish central banker Kotecki sees up to 100 bps of cuts in 2025 - Bloomberg
** China to issue $284 bln of sovereign debt this year to help revive economy, sources say
Key Latin American stock indexes and currencies at 1352 GMT:
Equities | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1161.01 | 2.13 |
MSCI LatAm .MILA00000PUS | 2279.39 | 1.58 |
Brazil Bovespa .BVSP | 132781.65 | 0.91 |
Mexico IPC .MXX | 53474.26 | 0.5 |
Chile IPSA .SPIPSA | 6477.3 | 0.57 |
Argentina Merval .MERV | 1744131.22 | NULL |
Colombia COLCAP .COLCAP | 1322.03 | 0.06 |
Currencies | Latest | Daily % change |
Brazil real BRL= | 5.4444 | 0.6 |
Mexico peso MXN= | 19.555 | 0.35 |
Chile peso CLP= | 901.8 | 1.14 |
Colombia peso COP= | 4214.07 | -0.23 |
Peru sol PEN= | 3.7337 | 0.39 |
Argentina peso (interbank) ARS=RASL | 968 | -0.258264463 |
Argentina peso (parallel) ARSB= | 1220 | 2.049180328 |
Reporting by Ankika Biswas in Bengaluru; Editing by Paul Simao
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