LatAm Brief: Brazil's IPCA-15 CPI takes spotlight

25 JUL 11:25GMT: USD/EMs are mixed as we approach the LatAm brief on Thursday, with the Dollar Index mixed; the DXY fell to 1wk low of 104.080 before bouncing up to 104.185. USD/MXN is up 0.77% in early trade to a session peak of 18.5880 (now 18.5170) - it's highest level since June 28. Note, Bi-Weekly CPI came in higher than expected at 5.61% y/y vs the 5.38% consensus forecast and 5.17% prior. The m/m print jumped to 0.71% in June vs the 0.50% consensus forecast and 0.53% in June. The core print matched the forecasts at 4.01% y/y and 0.18% m/m. That's going to complicate efforts for Banxico ahead of its August meet, where investors are betting that policymakers will resume its monetary easing cycle. In focus today, is Brazil's IPCA-!5 CPI print, expected to accelerate to 4.37% y/y (vs 4.06% prev). The m/m print is seen cooling to 0.22% (vs 0.39% prev) as the BCB decides to hold the interest rate steady at 10.50%. USD/BRL closed firmer on Wednesday, at a session and 3wk peak of 5.6614. USD/CLP was little changed on Wednesday. In NY hours, Personal Consumption, 2Q GDP, GDP Price Index, Initial Jobless Claims and Jun prelim Durable Goods are on tap (all at 12.30GMT).

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