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Brazil real, Mexico peso seesaw in thin trading

02/01/2017
12:19
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The Brazilian real and the Mexican peso seesawed on Monday, the first trading day of the year, in thin trading volumes due to holidays in the U.S. and other Latin American markets

The Brazilian real and the Mexican peso seesawed on Monday, the first trading day of the year, in thin trading volumes due to holidays in the United States and other Latin American markets.

The real weakened 0.7 percent, after posting its best yearly performance in seven years in 2016. The Mexican peso was flat.

Only around 70,000 front-month futures contracts for the real had traded hands by early afternoon, less than one-third of last month's daily average.

Traders also adjusted their holdings in Brazil to moves in global financial markets on Dec. 30, when Brazilian markets were closed ahead of the New Year's holiday.

Brazil's benchmark Bovespa stock index fell 1.2 percent, weighed down by shares of blue-chips Petróleo Brasileiro SA and Vale SA. U.S.-listed shares in both companies had dropped on Friday as investors booked profits from hefty gains throughout 2016. Units, a blend of common and preferred shares, in Brazil's Renova Energia SA rose over 15 percent, their biggest daily gain in a month.

Reuters reported that Renova is in talks to sell its Alto Sertao II wind farm to AES Brasil, the Brazilian unit of AES Corp, for 600 million to 700 million reais (US$214 million).

Colombian and Chilean markets did not open on Monday due to local holidays.
 

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