Latin American Currencies Slide Ahead Of Data Releases And Central Bank Decisions
Market analysis on behalf of Quasar Elizundia Research Strategist at Pepperstone
July 29, 2024 (Investorideas.com Newswire) Latin American currencies began the week on the negative side against the US dollar. Traders could remain cautious and could react to key economic indicators including GDP growth rates in Mexico on Tuesday, interest rate decisions in the US, Colombia, and Chile on Wednesday, as well as the NFP report due in the US on Friday, which could bring volatility to currency pairs in the region. In Chile, policymakers could maintain their interest rates unchanged as inflation continues to rebound on a year-on-year basis. This could support the local currency although lower inflation could put some pressure on the currency. However, an interest rate cut could pull the peso down. In Colombia, the expected rate cut by the Colombian Central Bank from 11.25% to 10.75% could lead to depreciation of the Colombian peso. In Mexico, the GDP growth rate data is due tomorrow and is expected to show stronger growth in the second quarter. However, weaker-than-expected figures could drive the peso lower still.
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