Latin America's top currencies are poised to remain weak in coming months a...
BUENOS AIRES - Latin America’s top currencies are poised to remain weak in coming months as central banks in Brazil and Mexico keep on easing to revive growth, with worries over Argentina’s financial problems adding to a softer trend, a Reuters poll showed.
While the median figure implied a 9.0% appreciation from Tuesday, it was 2.2% weaker than the 12-month estimate for the real in August and the most pessimistic prediction since last December. Brazilian central bank president Roberto Campos Neto said last month a benign scenario for consumer prices meant there was scope for further policy accommodation following the bank’s decision to cut rates to a record low in July.
“We see little upside for MXN in the months to come as Banxico will very likely feel comfortable cutting rates on a potential decline of USDMXN, capping potential gains,” Morgan Stanley analysts wrote in a report last week. It is the opposite of Argentina, a country that sank into financial chaos after a presidential candidate disliked by investors won a key primary vote, crashing market expectations for a reelection of the incumbent government in October.
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