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EMERGING MARKETS-Latam currencies up for 2nd day on commodities, dollar weakness
May 11, 2017 / 10:03 PM / 7 months ago

EMERGING MARKETS-Latam currencies up for 2nd day on commodities, dollar weakness

 (Updates with final prices)
    By Bruno Federowski
    SAO PAULO, May 11 (Reuters) - Latin American currencies
strengthened for a second day on Thursday, lifted by higher
commodity prices and worldwide weakness in the U.S. dollar.
    Mexico's peso rose 0.9 percent, and the Colombian
peso firmed 0.5 percent, tracking key prices of oil. Oil
futures jumped after a drawdown in U.S. inventories and a
bigger-than-expected cut in Saudi supplies to Asia.
    Brazil's real rose over 0.7 percent against the dollar.
    The greenback has struggled to gain traction since President
Donald Trump unexpectedly fired FBI director James Comey on
Tuesday, roiling Washington and fueling expectations of delays
in implementation of the government's economic agenda.
    Trump's pledges to cut taxes and increase spending had
fostered expectations of inflationary pressures that could force
the U.S. Federal Reserve to increase interest rates faster
following a widely expected hike next month.
    The Mexican peso, which was battered last year as Trump
threatened to tear up the North American Free Trade Agreement,
was the biggest gainer in Latin America, strengthening as the
pact's renegotiation appeared to draw closer.
    Trump's nominee for U.S. Trade Representative Robert
Lighthizer, a critical post for the renegotiation of NAFTA, was
confirmed by the U.S. Senate on Thursday. Delays in confirming
him have set back Trump's trade agenda by months.
    Key Latin American stock indexes and currencies at 2150 GMT:
 Stock indexes                     Latest      Daily     YTD
                                                 pct     pct
                                              change  change
 MSCI Emerging Markets              1,001.35    0.53   16.01
 MSCI LatAm                         2,678.21    0.07   14.42
 Brazil Bovespa                    67,537.61    0.28   12.14
 Mexico IPC                        49,530.53    -0.8    8.52
 Chile IPSA                         4,820.62    -0.1   16.12
 Chile IGPA                        24,172.49   -0.13   16.58
 Argentina MerVal                  21,426.58   -0.38   26.65
 Colombia IGBC                     10,584.59    0.41    4.51
 Venezuela IBC                     60,523.43   -0.22   90.89
 Currencies                           Latest   Daily     YTD
                                                 pct     pct
                                              change  change
 Brazil real                          3.1437    0.73    3.36
 Mexico peso                          18.843     0.9   10.09
 Chile peso                            671.8    0.03   -0.16
 Colombia peso                       2,926.7    0.52    2.56
 Peru sol                              3.287    0.21    3.86
 Argentina peso (interbank)           15.435    0.45    2.85
 Argentina peso (parallel)             15.87    0.13    5.99
 (Reporting by Bruno Federowski Editing by W Simon and Tom

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