Emerging markets – Forex by Lloyds TSB

Argentinian peso: USD/ARS: The trend has accelerated through 3.0540 as expected with 3.10 swiftly hit. Whilst a pullback is likely towards 3.08. the next main target is at 3.12. Move stops to 3.0720.

Latin America and Central America

• Argentinian peso: USD/ARS: The trend has accelerated through 3.0540 as expected with 3.10 swiftly hit. Whilst a pullback is likely towards 3.08. the next main target is at 3.12. Move stops to 3.0720.

• Brazilian real: USD/BRL: The 1.70 target has been far exceeded due to current market circumstances. Whilst further pressure on the real is expected from a long term perspective, in the interim a rebound in commodity prices should promote an interim correction. Retracements to 1.8500 shoud find support with stops below 1.8340.

• Colombian peso: USD/COP: Peso weakness continues to unfold as expected. The next main target is at 2200 with support on retracments 2140. Main stops are below 2090.

• Chilean peso: USD/CLP: The year end target at 550 is coming into focus hence this is revised up to 600. 535 is a support buy zone on stops below 520.

• Mexican peso: USD/MXN: The 10.65 objectives have been exceeded with the next target up at 11.00. A retracement
back towards 10.69 is probable in the short term however, with main stops are below 10.59.

• Peruvian sol: USD/PEN: Resistance at 3.00 has been resilient, but a break in September should be forthcoming for 3.06 into October. Stops are below 2.96.

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