Chile's peso hits one-month low among Latam FX ahead of cenbank decision
Chile rate decision later in the day; 25-bps cut expected
Mexican peso briefly slips below 20 per dollar
Colombia's Ecopetrol issues $1.75 bln in bonds due 2032
Latam stocks down 0.2%, FX flat
Updated at 1930 GMT
By Shashwat Chauhan and Johann M Cherian
Oct 17 (Reuters) -Most Latin American currencies were steady againsta firm dollar on Thursday, although Chile's peso hit a fresh one-month low as investors priced in an interest rate cut by the local central bank expected later in the day.
Chile's peso CLP= dropped 1.3%, with economists polled by Reuters expecting thecentral bank to lower borrowing costs by25 basis points to 5.25%.
"We are fearful that the local central bank could be cutting rates too deeply and the peso starts to take the strain again – especially with the central bank having failed to rebuild (foreign exchange) reserves after a massive intervention campaign in 2022," analysts at ING bank said.
A drop in prices of copper, a top export commodity, also weighed on the currency, which is down over 7% thus far this year. MET/L
Mexico's peso MXN= slipped 0.1%, after briefly breaching the psychological barrier of 20 per dollar during the session as crude prices dipped. O/R
The dollar index =USD, which measures the U.S. currency against a basket of global peers, touched a 11-week high after data signaled a robust economy.
Analysts also attribute the dollar's strength and weakness in emerging market assets to the potential impact of a victory by former president Donald Trump in the upcoming U.S. election.
Trump's trade policies call for hefty tariffs on imported goods, which could spur weakness in key trading partners such as Mexico.
Meanwhile, Brazil'sreal BRL= was flat after logging losses over the past two sessions, with markets awaiting clarity on the local governments fiscal reforms. Concerns around the country spending plans have weighed on the currency this year, down 14.4% so far this year.
The Colombian peso COP= and Peru's PEN= sol climbed 0.3% and 0.2% respectively.
Also dampening sentiment, China will expand a "white list" of housing projects eligible for financing and increase bank lending for such developments to 4 trillion yuan ($562 billion) by year-end, a move which analysts feel did little to alleviate growth concerns.
MSCI's index for Latin American currencies .MILA00000CUS was flat, while stocks .MILA00000PUS were down 0.2%.
Regional heavyweight Brazil's Bovespa index .BVSP was down 0.8%, as healthcare stocks weighed.
Colombia's Colcap index .COLCAP was flat with Ecopetrol ECO.CN dropping 1.1%. The state-runenergy company issued $1.75 billion in paper at a yield of 7.8%.
Elsewhere in emerging markets, Turkey's lira TRYTOM=D3 was flat. The centralbank held interest rates at 50% as expected but warned that a bump in recent inflation data lifted uncertainty, in a hawkish signal that could reinforce views that policy easing will not begin until next year.
Key Latin American stock indexes and currencies:
Latin American market prices from Reuters | ||
Equities | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1135.2 | -0.77 |
MSCI LatAm .MILA00000PUS | 2178.35 | -0.26 |
Brazil Bovespa .BVSP | 130819.06 | -0.71 |
Mexico IPC .MXX | 52463.75 | -0.04 |
Chile IPSA .SPIPSA | 6571.17 | 0.44 |
Argentina Merval .MERV | 1808014.04 | 1.799 |
Colombia COLCAP .COLCAP | 1337.56 | 0.02 |
Currencies | Latest | Daily % change |
Brazil real BRL= | 5.6659 | -0.01 |
Mexico peso MXN= | 19.8767 | -0.13 |
Chile peso CLP= | 945.8 | -1.37 |
Colombia peso COP= | 4243.84 | 0.28 |
Peru sol PEN= | 3.756 | 0.16 |
Argentina peso (interbank) ARS=RASL | 980.5 | 0.00 |
Argentina peso (parallel) ARSB= | 1200 | 1.67 |
Reporting by Shashwat Chauhan and Johann M Cherian in Bengalurud; Editing by Jane Merriman and Marguerita Choy
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