FX Alert – REER update
Date:
23 August 2010
Based on latest REER estimates, Colombia has strongest case to counter COP appreciation
• By comparison, the CLP and MXN are much better value in Latin America
• In relative value terms, we expect the CLP and MXN to outperform the COP and BRL
First glimpse of China’s economy in H2
Date:
9 August 2010
• China’s July data release expected to show CPI inflation peaking above 3% y/y
• Industrial production and fixed asset investment growth to continue slowing, tracking PMI
• Retail sales remain the silver lining, as robust consumption growth is expected to continue
• BoJ is expected to...
CLP raised to Overweight from Neutral
Date:
9 August 2010
• We are raising our short-term FX rating on the CLP to Overweight from Neutral*
• We are maintaining our longstanding medium-term FX rating at Overweight
• The CLP is a currency play on a global reflation and bullish commodity theme for H2
• In addition, Chile’s domestic fundamentals are...
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