Latam FX slip on firmer dollar as investors digest hawkish Fed



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Firm dollar weighs on Latam FX

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Brazil's real up, transition to Lula to begin

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BOE hikes rate by most since 1989

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BANXICO highlights credit risk

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Chile President to reform pensions systems

By Susan Mathew and Ankika Biswas

Nov 3 (Reuters) -

Most Latin American currencies slipped on Thursday as the U.S. dollar continued to rally on the back of a hawkish Federal Reserve and safe haven demand.

Chile's peso CLP= , Peru's sol PEN= and Colombia's peso COP= dipped as much as between 0.6% and 2%, before paring some declines.

The rush to safer assets such as the dollar =USD was bolstered after the Bank of England raised rates by the most since 1989 and warned that Britain faced a long recession.

"The Fed, along with other major central banks, looks likely to keep tightening rates until the first quarter of 2023," said strategists at the chief investment office at UBS Global Wealth Management.

"Economic growth will likely continue to slow into the start of the new year; and global financial markets are vulnerable to stress while monetary policy continues to tighten," UBS said.

Meanwhile, Brazil's real BRBY BRL= traded slightly higher on optimism of easing political instability with the official transition to Luiz Inacio Lula da Silva about to begin. The leftist President-elect will take office on Jan. 1.

Meanwhile, Brazil's central bank highlighted its growing concern about the effects of lower economic activity on credit risks in the country, but its chief pledged to work with President-elect Luiz Inacio Lula da Silva in the "best way possible."

MSCI Latin American stock index .MILA00000PUS rose 0.3%, with Brazil's benchmark Bovespa .BVSP boosted by shares of retailers such as Magazine Luiza, as well as B3 and Petrobras offering a relevant support.

Petrobras PETR4.SA shares gained 1% after the company

approved a dividend payout

of 3.3489 reais ($0.6545) per share.

In Chile, President Gabriel Boric on Wednesday announced his long-awaited plan to reform the country's controversial private pension system.

"The news is mostly in line with previous proposals. As such it should not be overly market moving, though Chile bonds will be weaker on the back of the U.S. moves," Citi Research strategists said.

Further on the data front, Chile's copper output slipped 4.27% in September, due to a fall in production from state-owned giant Codelco and Collahuasi, a joint venture of Anglo American AAL.L and Glencore GLEN.N .

Key Latin American stock indexes and currencies at 1911 GMT:

Stock indexes

Latest

Daily % change MSCI Emerging Markets

861.20

-1.35 .MSCIEF

MSCI LatAm .MILA00000PUS

2310.36

0.26 Brazil Bovespa .BVSP

117244.08

0.27 Mexico IPC .MXX

50333.28

-1.05 Chile IPSA .SPIPSA

5182.61

-0.23 Argentina MerVal .MERV

149897.38

0.394 Colombia COLCAP .COLCAP

1224.11

-1.69

Currencies

Latest

Daily % change Brazil real BRBY

5.1137

0.07 Mexico peso MXN=D2

19.6464

0.02 Chile peso CLP=CL

944.2

-0.03 Colombia peso COP=

5057.94

-1.18 Peru sol PEN=PE

3.9648

-0.71 Argentina peso (interbank)

157.9200

-0.20 ARS=RASL

Argentina peso (parallel)

283

2.83 ARSB=


Reporting by Susan Mathew in Bengaluru; Editing by Elaine Hardcastle and Diane Craft

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