Reuters: US Dollar Report: EMERGING MARKETS-Latam FX stronger on rise in global economy optimism

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EMERGING MARKETS-Latam FX stronger on rise in global economy optimism Sep 10th 2013, 15:02 Tweet Share this Email Print Tue Sep 10, 2013 11:02am EDT BRASILIA, Sept 10 (Reuters) - Latin American currencies firmed on Tuesday after a pick-up in industrial output in China raised hopes that the global economy is on a path toward a stronger recovery. The Brazilian real reached its strongest level in a month earlier in the day, but later gave up some gains to trade 0.28 percent firmer at 2.2702 per dollar. The Colombia peso gained 0.50 percent and the Mexican peso firmed 0.35 percent "We see an improvement in the global (economic) scenario.. One of the factors behind that is stronger data coming out of China that supports commodity currencies like the real," said Carlos Kawall, chief economist with Banco J. Safra in Sao Paulo. Signs that the worst of a slowdown in China has passed and a gradual recovery in the United States and Europe has raised market optimism and appetite for riskier assets in the past week. Stronger-than-expected industrial output on Tuesday reinforced signs that China's economy was stabilizing after slowing for more than two years. The strengthening of the real in the past week has diminished market bets for a steeper rate increase when the central bank's monetary policy committee meets again on Oct 9, according to Thomson Reuters data. A slightly stronger real eases pressure on inflation by making imports cheaper in the local market. The real has strengthened nearly 5 percent this month, the most among the world's most traded 36 currencies tracked by Thomson Reuters. The U.S. Federal Reserve's plans to reduce its money-printing program as soon as this month have triggered a massive outflow of capital from emerging-market nations, threatening their economies as well as the global recovery. Currencies daily YTD % % change change Latest Brazil real 2.2685 0.35 -10.07 Mexico peso 13.0600 0.38 -1.50 Chile peso 506.2000 0.32 -5.43 Colombia peso 1934.940 0.49 -8.73 0 Peru sol 2.7960 0.00 -8.76 Argentina peso 5.7075 -0.04 -13.93 Argentina peso 9.1300 1.31 -25.74 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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