Brazil (BRL) Brazil’s real declined to a 10-year low as the board of state-controlled Petroleo Brasileiro SA prepared to appoint a new management team, this is due to the corruption involved around the former Southern Hemisphere’s largest company (by market capitalization). The real had hit a new low since March 2005, on the 5th of February 2015. New inflation forecasts for Brazil surpass 7 percent, while GDP forecasts have gone down for 5 weeks in a row, to 0.03%.
Mexico (MXN) The Mexican peso closed the day (09/02/2015) with a sell price of 14.8104, as it strengthened from the previous close of 14.8345. On the industrial front, Mexico keeps showing promising signs, as the car manufacturing industry continues to grow. Mexican vehicle exports are expected to rise to a record 2.9 million in 2015, with more than 70% of these vehicles heading across the border.
Colombia (COP) Latest announcement in Colombia, reveals that the country’s external debt continues to rise at a much higher pace than the country’s GDP. Colombia’s external debt grew by 10% in 2014, while the GDP growth rate was 5%. Santiago Castro, the chairman of the banking association of Colombia, opined that Colombia’s economic slowdown would not reach a recession. Castro expects the Colombian economy to grow around 3.5% in 2015. As for the Colombian Peso, the mid-market rate is currently around 2360 Pesos per USD.
Peru (PEN) Peru has the second most volatile economy in Latin America, according to Gestion. This is unlikely to change anytime soon, as we await the interest rate decision from the Central bank (13 Feb). The sol has hit a new low in 6 years, within the last week and has already dropped 3.3% against the USD since January.Argentina (ARS) Argentina’s central bank made an announcement this week that they would gradually increase the number of authorizations for importers to make Dollar purchases. This is the first sign that the trade controls might be easing up a little in Argentina, where getting a hold of US$ legally as a local is virtually impossible. Argentina has recently signed an agreement to receive a total of USD 12.8 billion from China, in order to build two Nuclear plants.
Current Interbank Exchange Rates - 02:20 pm (UTC +01:00):