Latam currencies rise on improving global mood, retreating dollar
Argentina's Milei touts rare government surplus
Colombia predicts $10 bln in foreign investment from Europe this year-minister
Mexican peso rises after three days of losses
Latam FX up 0.8%, stocks add 0.4%
By Bansari Mayur Kamdar
April 23 (Reuters) -Currencies in Latin America rose on Tuesday, extending gains for their third straight session, as the US dollar retreated and investor concerns around a major re-escalation of tension in the Middle East abated.
The MSCI index for emerging market currencies .MILA00000CUS jumped 0.8% by 1450 GMT as the dollar index =USD fell 0.4%.
Mexico's peso MXN= led regional gains, up 1.0% against the dollar after three straight sessions of losses.
"The peso remains extremely over valued vs history and EM peers, but the positive drivers from a robust US economy likely outweigh the negative impact of a stronger dollar," said Jon Harrison, managing director of EM macro strategy at GlobalData TS Lombard, in a note.
Investors awaited inflation data in the South American nation due later this week.
Stocks in Mexico .MXX slipped 0.3%, with Bimbo BIMBOA.MX down 3.9% after the breadmaker said first-quarter net profit fell 42% from a year earlier, citing foreign exchange effects stemming from a strong peso and weaker spending in its North American markets.
Brazil's real BRL= and Colombia's peso COP= climbed 0.3% each against the greenback.
Colombia expects to attract $10 billion in foreign investment from Europe this year, especially in renewable energy, Finance Minister Ricardo Bonilla said during a visit to London.
Currency of top copper producer Chile CLP= rose 0.5% against the dollar, while the Santiago Stock Exchange .SPIPSA advanced 1.0%.
Peru's sol PEN= jumped 0.7% against a softening greenback.
Regional stocks .MILA00000PUS added 0.4%, lagging the 0.8% gain in the broader emerging market shares index .MSCIEF.
In Argentina, President Javier Milei boasted on Monday that his government is successfully taming profligate public spending, touting a rare first quarter surplus that he argues is key to improving the nation's economic prospects.
Ecuador is scoping out new debt-for-nature swaps, one to funnel funds into the Amazon rainforest and another for a giant ocean protection zone backed by Hollywood star Leonardo DiCaprio, people familiar with the matter told Reuters.
Elsewhere in emerging markets, Hungary's central bank said there was "no need to rush" with further rate cuts after lowering its base rate by 50 basis points to 7.75%, as expected.
The Hungarian forint EURHUF= inched 0.2% higher against the euro.
HIGHLIGHTS:
** Venezuela to accelerate cryptocurrency shift as oil sanctions return
** Ecuador leftists will back security reforms but oppose government, former president
** Pakistan refiners warn $6 billion upgrades at risk due to fuel price deregulation plan
** Indian regulator finds Adani offshore investors in disclosure rules violation: sources
Key Latin American stock indexes and currencies at 1450 GMT:
Stock indexes | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1019.98 | 0.8 |
MSCI LatAm .MILA00000PUS | 2433.18 | 0.39 |
Brazil Bovespa .BVSP | 124891.04 | -0.54 |
Mexico IPC .MXX | 56445.00 | -0.19 |
Chile IPSA .SPIPSA | 6428.72 | 0.98 |
Argentina MerVal .MERV | 1270930.49 | 0.201 |
Colombia COLCAP .COLCAP | 1344.12 | -0.01 |
Currencies | Latest | Daily % change |
Brazil real BRBY | 5.1547 | 0.27 |
Mexico peso MXN=D2 | 16.9721 | 0.94 |
Chile peso CLP=CL | 947.9 | 0.39 |
Colombia peso COP= | 3902.3 | 0.27 |
Peru sol PEN=PE | 3.6916 | -0.17 |
Argentina peso (interbank) ARS=RASL | 872.5000 | 0.00 |
Argentina peso (parallel) ARSB= | 1015 | 1.97 |
Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Alistair Bell
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