Reuters: US Dollar Report: EMERGING MARKETS-Latam currencies drop as U.S. data fans Fed fears

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EMERGING MARKETS-Latam currencies drop as U.S. data fans Fed fears Jul 5th 2013, 13:25 Tweet Share this Email Print Related Topics Currencies » Bonds News » Bonds » Markets » Fri Jul 5, 2013 9:25am EDT RIO DE JANEIRO, July 5 (Reuters) - Latin American currencies weakened on Friday after stronger-than-expected U.S. jobs data increased bets on an early withdrawal of U.S. stimulus measures, boosting the value of the dollar globally. Fears that the Federal Reserve is about to cut back on its stimulus measures have rocked emerging market currencies in the past several weeks, contributing to year-to-date losses of about 10 percent in the Brazilian real and of more than 5 percent in the Chilean peso. Friday's nonfarm payrolls data, which showed U.S. job creation was stronger than expected in June and higher than initially reported in prior months, fueled bets that the Fed will soon taper its bond-buying program, which for years has provided a steady source of dollars seeking higher returns in emerging markets. * Brazil's real declined 0.5 percent, its losses cushioned by a central bank sale of traditional currency swaps, derivative contracts that emulate an injection of dollars in the futures market. * Mexico's peso led losses in Latin America, sliding 1 percent and crossing the psychologically relevant level of 13 units per dollar. * Chile's peso followed suit, dropping 0.9 percent as the price of copper, the country's main export product, fell over 2 percent on the London Metal Exchange. Latin American FX prices at 1317 GMT: Currencies daily % YTD % change change Latest Brazil real 2.2676 -0.51 -10.04 Mexico peso 13.0550 -1.12 -1.46 Chile peso 507.0000 -0.93 -5.58 Colombia peso 1926.3500 -0.59 -8.32 Peru sol 2.7830 0.00 -8.34 Argentina peso 5.4025 0.05 -9.07 Argentina peso 7.9300 0.25 -14.50 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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