Reuters: US Dollar Report: EMERGING MARKETS-Latam currencies gain on weak US data

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EMERGING MARKETS-Latam currencies gain on weak US data Jul 22nd 2013, 18:17 Tweet Share this Email Print Related Topics Currencies » Bonds News » Bonds » Markets » Mon Jul 22, 2013 2:17pm EDT RIO DE JANEIRO, July 22 (Reuters) - Most Latin American currencies firmed on Monday after an unexpected drop in U.S. existing home sales supported hopes that U.S. monetary stimulus will remain in place for longer, fueling global demand for risk assets. The U.S. data, which showed home sales falling 1.2 percent in June, contributed to a 0.5 percent decline in the value of the dollar against major currencies. * Brazil's real gained 0.3 percent after trading in the red during most of the morning. Analysts said pressure over the Brazilian currency could continue, however, as investors worry about the country's fiscal and economic outlook. * Reflecting concern about Brazil's economic performance, economists surveyed by the central bank trimmed their forecasts for the country's GDP and inflation this year and next. * Earlier in the session, Brazil's central bank sold 20,000 traditional currency swaps, derivative contracts that mimic an injection of dollars in the futures market. The auction had little market impact as it was designed to roll over similar contracts that expire on Aug 1. * Mexico's peso gained 0.2 percent to 12.5115 per dollar, with investors cautious ahead of the release of a series of corporate earnings in the United States, Mexico's main trading partner. * Chile's peso erased early gains, however, and closed 0.1 percent weaker at 503.70 per dollar as local companies and banks demanded more greenbacks in the afternoon. Traders said dollars flew out of Chile as investors sought better carry-trade opportunities in Mexico. Latin American FX prices at 1800 GMT: Currencies daily % YTD % change change Latest Brazil real 2.2340 0.26 -8.68 Mexico peso 12.5115 0.19 2.82 Chile peso 503.7000 -0.12 -4.96 Colombia peso 1882.4900 0.00 -6.19 Peru sol 2.7730 -0.14 -8.01 Argentina peso 5.4600 0.05 -10.03 Argentina peso 8.8000 -0.57 -22.95 Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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