Mexican peso slips after interest rate hike, Latam FX down



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Latam currencies, stocks down

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Mexican central bank raises interest rate by 75 bps

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Colombia hikes interest rate by 100 bps

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Brazil central bank ups 2022 GDP growth forecast

(Updates prices, market activity, comment)

By Bansari Mayur Kamdar and Amruta Khandekar

Sept 29 (Reuters) - The Mexican peso fell on Thursday after the country hiked its interest rates by 75 basis points as expected, with broader Latin American currencies also down as jitters about an economic downturn weighed on risk sentiment.

Mexico, Latin America's second largest economy,

raised

its key interest rate to a record 9.25%, following in the footsteps of the U.S. Federal Reserve, and signalled the possibility of more rate hikes.

Its peso MXN= fell 0.2% but was still headed for a weekly gain after two straight weeks of losses.

"I think there could be another hike to 10.5% by the first quarter of 2023 for Mexico. That's also the time when the Fed may take a pause so the Mexican central bank might be following that very closely," said Louis Lau, director of investments at Brandes Investment Partners.

The Colombian peso COP= was down 0.9%. The country

hiked

its benchmark interest rate by 100 basis points to 10% and also raised its 2022 growth estimate.

Analysts surveyed by Reuters

said

inflation in the country will have risen once again in September, pressuring the central bank to extend rate rises beyond previous predictions.

Broader currencies .MILA00000CUS declined 0.2% while stocks .MILA00000PUS fell 0.4% and are down about 4% so far this month.

The Brazilian real BRBY , BRL= was down 0.5%. Brazil's central government posted a bigger-than-expected primary budget deficit in August, official data showed.

However, the country's central bank improved its economic growth outlook for 2022 and central bank chief Roberto Campos Neto

said

Brazil could hit its inflation target if rate cuts start in June.

The real is headed for a decline of nearly 4% this month and has seen volatility ahead of presidential elections.

Voters in Brazil head to the polls for a first-round presidential vote on Oct. 2, with former President Luiz Inacio Lula da Silva expanding his lead over the incumbent far-right President Jair Bolsonaro in the latest polls.

"Lula is coming in when there's not a lot of room for the government balance sheet to take on more borrowing. So I think the market is broadly comfortable with a Lula victory," Lau said.

Chile's peso CLP= was down 0.7% after sharp gains in the previous session. Data showed Chile's unemployment rate came in at 7.9% in the June-August period, flat from the quarter through July.

Elsewhere, the Czech National Bank kept interest rates unchanged and while Kenya's central bank raised its benchmark lending rate.

Key Latin American stock indexes and currencies at 1930 GMT: Stock indexes

Latest

Daily % change MSCI Emerging Markets

876.01

0.02 .MSCIEF

MSCI LatAm

2038.92

-0.5 .MILA00000PUS

Brazil Bovespa

107567.36

-0.81 .BVSP

Mexico IPC

45400.83

-0.09 .MXX

Chile IPSA

5034.43

-1.29 .SPIPSA

Argentina MerVal

136810.18

-0.879 .MERV

Colombia COLCAP

1133.11

0.24 .COLCAP

Currencies

Latest

Daily % change Brazil real

5.3917

-0.80 BRBY

Mexico peso

20.1557

-0.20 MXN=D2

Chile peso

962.6

-0.74 CLP=CL

Colombia peso COP=

4522.82

-0.86 Peru sol

3.9618

-0.74 PEN=PE

Argentina peso

147.0600

-0.13 (interbank) ARS=RASL

Argentina peso

284

2.11 (parallel) ARSB=


Reporting by Bansari Mayur Kamdar, Susan Mathew and Amruta Khandekar in Bengaluru; Editing by Andrea Ricci and Marguerita Choy

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