April 20, 2016 / 8:47 PM / 2 years ago

EMERGING MARKETS-Most Latam currencies steady as oil prices rise

(Updates prices)
    By Bruno Federowski
    SAO PAULO, April 20 (Reuters) - Most Latin American
currencies steadied on Wednesday after oil prices turned
positive following a smaller-than-expected U.S. crude inventory
    The Mexican peso  strengthened 0.3 percent
after earlier rising to 17.199 per dollar, its highest since
late March. The Chilean peso strengthened 0.2 percent,
hovering near a nine-month high, supported by a four-week high
in prices for its top export copper.
    Oil prices rose 4 percent after the U.S. Energy Information
Administration said crude stockpiles rose 2.1 million barrels
last week, less than the 2.4 million barrels forecasted and the
3.1 million barrel rise called by the American Petroleum
Institute industry group. 
    The Brazilian real weakened after local news outlets
suggested Vice President Michel Temer could be struggling to set
up an orthodox economic team amid a deep economic rout.
    "Given the economic crisis, it seems it will not be easy to
find someone who is willing to step up to the task," B&T
brokerage trader Marcos Trabbold said.
    A widely expected Senate decision to oust leftist President
Dilma Rousseff could put Temer in charge by early May as she
faces a prolonged upper-house trial. 
    A central bank decision to once again sell reverse currency
swaps, which function like dollar purchases in futures markets,
also weighed on the real currency.
    A senior government official told Reuters on Tuesday the
central bank will intervene less in the foreign exchange market
as it expects volatility to ease in the coming days.
    Key Latin American stock indexes and currencies at 2000 GMT:
 Stock indexes                             daily %     YTD %
                               Latest       change    change
 MSCI Emerging Markets            850.39     -0.27      7.38
 MSCI LatAm                      2251.84      0.11     22.93
 Brazil Bovespa                 53547.78      -0.3     23.52
 Mexico IPC                     45650.35     -0.28      6.22
 Chile IPSA                      3985.07     -0.12      8.28
 Chile IGPA                     19548.16     -0.09      7.69
 Argentina MerVal               13901.86      0.26     19.07
 Colombia IGBC                  10180.24      1.15     19.10
 Venezuela IBC                  16115.40      0.05     10.47
 Currencies                                daily %     YTD %
                                            change    change
 Brazil real                      3.5319     -0.13     10.52
 Mexico peso                     17.2520      0.34     -0.13
 Chile peso                        659.7      0.20      7.05
 Colombia peso                    2897.2     -0.04      8.58
 Peru sol                          3.242      0.22      5.04
 Argentina peso (interbank)      14.3400     -1.06    -10.46
 Argentina peso (parallel)         14.63      0.68     -2.52
 (Reporting by Bruno Federowski, additional reporting by Anna
Yukhananov; Editing by Grant McCool and Tom Brown)
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