April 3, 2017 / 4:06 PM / 4 months ago

EMERGING MARKETS-LatAm currencies seesaw as Trump uncertainty lingers

3 Min Read

    By Bruno Federowski
    SAO PAULO, April 3 (Reuters) - Latin American currencies
seesawed on Monday as traders remained cautious amid lingering
uncertainty over U.S. President Donald Trump's ability to make
good on pledges of tax cuts and fiscal spending.
    New York and other states challenged the Trump
administration for illegally blocking energy efficiency
standards, casting further doubt on the strength of his
political capital.
    Hopes that Trump's policies could lift U.S. economic growth
have boosted demand this year for riskier assets, such as
emerging market currencies.
    Trump is also set to meet Chinese President Xi Jinping later
this week in what the U.S. president has said would be "very
difficult" as the United States could not risk massive trade
deficits and job losses.
    The Mexican peso firmed 0.5 percent after weakening
for two straight days, while the Brazilian real inched up
0.4 percent.
    Brazil's benchmark Bovespa stock index fell 0.2
percent, tracking U.S. equity markets lower.
    Shares of meatpacker JBS SA dropped 1 percent
after a federal court ordered Joesley Batista leave the boards
of holding company J&F Participações SA. The decision is part of
an ongoing corruption probe involving pension funds of
state-controlled companies.
    
    Key Latin American stock indexes and currencies at 1550 GMT:
 Stock indexes                               daily %    YTD %
                                              change   change
                                   Latest             
 MSCI Emerging Markets               963.25     0.51    11.14
 MSCI LatAm                         2646.46     1.35    11.55
 Brazil Bovespa                    64852.10     -0.2     7.68
 Mexico IPC                        48780.29     0.49     6.87
 Chile IPSA                         4791.85     0.18    15.43
 Chile IGPA                        24014.15     0.19    15.82
 Argentina MerVal                  20450.16     0.91    20.88
 Colombia IGBC                     10140.23     -0.1     0.12
 Venezuela IBC                     43917.80     0.09    38.52
                                                             
 Currencies                                  daily %    YTD %
                                              change   change
                                                      
                                     Latest           
 Brazil real                         3.1185     0.36     4.19
 Mexico peso                        18.7220     0.52    10.80
 Chile peso                             658     0.33     1.93
 Colombia peso                      2863.68     0.33     4.81
 Peru sol                             3.247     0.03     5.14
 Argentina peso (interbank)         15.4450    -0.32     2.78
                                                      
 Argentina peso (parallel)            15.95     0.19     5.45
                                                      
 
 (Reporting by Bruno Federowski; Editing by David Gregorio)
  

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