September 28, 2016 / 10:22 PM / 2 years ago

EMERGING MARKETS-Latam currencies hold steady after OPEC agreement

(Adds table, updates currency close, lead)
    By Bruno Federowski
    SAO PAULO, Sept 28 (Reuters) - Key Latin American currencies
held steady on Wednesday after the Organization of the Petroleum
Exporting Countries (OPEC) reached a deal in Algiers to limit
oil production, triggering a sharp rise in oil prices. 
    The Brazilian real strengthened 0.28 percent to 3.22
reals per dollar, while the Mexican peso  pared
early losses to close at 19.38 per dollar, unchanged from a day
    "The jump in oil prices created room for the dollar to lose
strength and the speech by [President of the Chicago Fed
Charles] Evans saying that the low interest environment in the
United States must be maintained for a while longer
 helped," said a Brazilian brokerage operator. 
     Still, uncertainty over the timing of the next U.S.
interest rate increases looms. 
    Traders have been anxiously awaiting new hints about the
Federal Reserve's intentions following contradictory comments by
Fed officials and a string of mixed economic figures.
    In a testimony before Congress, Fed Chair Janet Yellen said
on Wednesday job creation has accelerated to unsustainable
levels, though she dismissed any meaningful upward pressure on
    "Yellen's remarks add noise to a very anxious market," B&T
brokerage trader Marcos Trabbold said.
    Mexico's benchmark IPC stock index gained 0.66
percent, its strongest close since Aug. 22, while Brazil's
Bovespa added 1.67 percent. 
    Key Latin American stock indexes at 2106 GMT:
 Stock indexes                       daily %      YTD %
                        Latest        change     change
 MSCI Emerging             912.19       0.12      14.87
 MSCI LatAm               2412.41       1.21      31.84
 Brazil Bovespa          59355.77       1.67      36.92
 Mexico IPC              48046.56       0.66      11.79
 Chile IPSA               4063.94       0.28      10.43
 Chile IGPA              20260.57       0.29      11.62
 Argentina MerVal        16755.17       2.48      43.51
 Colombia IGBC            9939.67        1.7      16.29
 Venezuela IBC           12784.70      -1.52     -12.36
 (Reporting by Bruno Federowski; Editing by Diane Craft and Tom
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