EMERGING MARKETS-Latam currencies drop on Greece worries, U.S. data

miércoles 24 de junio de 2015 12:10 GYT
 

SAO PAULO, June 24 (Reuters) - Latin American currencies
weakened on Wednesday, driven by U.S. economic data and
lingering concerns over a Greek debt default.
    Nearly every currency in the region fell against the dollar,
though stocks moved slightly higher, with the MSCI Latin
American stock index clawing back part of the
previous session's losses.
    International creditors failed to strike a deal with Greece
on Wednesday, adding to investor uncertainty over a potential
debt default. 
    Meanwhile, U.S. gross domestic product data for the first
quarter showed contraction in the world's largest economy was
less than previously estimated, increasing the odds that U.S.
interest rates may soon go up. 
    Jitters over the economic impact of a Greek default and the
outlook for a coming increase in U.S. interest rates tend to
drive investors towards the U.S. dollar and away from riskier
assets such as Latin American currencies.
    The Colombian peso and Mexican peso both
weakened for a second straight day, though Chile's currency
 gained slightly on higher prices for copper, the
country's main export.
    Brazil's real  gave up the previous session's
gains despite prospects for even higher domestic interest rates
following a quarterly inflation report released by the central
bank before market open.
    The bank barely cut its inflation forecast for next year
despite signs of a prolonged economic slump. 
    "The 2015 inflation battle is long lost. What really matters
now is 2016," wrote BNP Paribas economist Marcelo Carvalho,
calling next year's inflation projection "an improvement, to be
sure, but an unsatisfactory one." 
    In equities markets, Brazil's Bovespa stock index 
advanced slightly, led by shares of state-run oil producer
Petroleo Brasileiro SA, known as Petrobras.
    The shares gained about 2 percent following a media report
on Wednesday that the company would cut its five-year investment
plan by up to 30 percent, though the company responded in a
securities filing that no decision had been made yet.
    Shares of miner Vale SA rose about 0.5 percent on
higher iron-ore prices .IO62-CNI=SI. 
    Mexico's IPC stock index was little changed.
    
    Key Latin American stock indexes and currencies at 1538 GMT:

 Stock indexes                              daily %     YTD %
                                Latest       change    change
 MSCI Emerging Markets             992.84      0.22      3.59
                                                     
 MSCI LatAm                       2567.71      0.34     -6.18
                                                     
 Brazil Bovespa                  54014.84      0.45      8.01
                                                     
 Mexico IPC                      45416.15     -0.08      5.26
                                                     
 Chile IPSA                       3909.06     -0.34      1.51
                                                     
 Chile IGPA                      19042.76     -0.31      0.91
                                                     
 Argentina MerVal                11604.26      0.66     35.26
                                                     
 Colombia IGBC                   10336.13     -0.17    -11.16
                                                     
 Venezuela IBC                          0         0   -100.00
                                                     
                                                             
 Currencies                                 daily %     YTD %
                                             change    change
                                   Latest            
 Brazil real                       3.0906     -0.45    -14.01
                                                     
 Mexico peso                      15.4447     -0.28     -4.54
                                                     
 Chile peso                         632.2      0.09     -4.08
                                                     
 Colombia peso                     2567.5     -0.66     -6.99
 Peru sol                           3.175      0.13     -6.17
                                                     
 Argentina peso (interbank)        9.0675     -0.03     -5.71
                                                     
 Argentina peso (parallel)          13.38     -0.22      4.63
                                                     
 

 (Reporting by Asher Levine; Editing by Andrew Hay)