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LATAM currencies feel the global credit squeeze

Posted by Danske Bank A/S in October 9th 2008  
LATAM currencies have weakened sharply over the past couple of months amid the global credit squeeze. Since August 1, 2008 the Brazilian real (BRL) has fallen almost 50% against USD and roughly 30% against EUR. Over the same period the Mexican peso (MXN) dropped almost 25% vs. USD and 9% vs. EUR. Further, most LATAM currencies came under heavy pressure yesterday in a very thin market as rumours apparently spread that several large US banks would exit Mexican markets. As the US markets opened,

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Filed under: Fundamental