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Argentine peso falls to all-time low in informal market

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Brazilian consumer prices rise more than expected in May

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Copper, iron ore prices weaken to multi-month lows

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Colombia's CPI data due later on Tuesday

By Ankika Biswas

June 11 (Reuters) - Latin American currencies fell

against the dollar on Tuesday, hurt by weak commodity prices and

as investors awaited a U.S. monetary policy decision, with

Mexico's peso leading the losses after the country's

president-elect vowed to push ahead with constitutional reforms.

The Mexican peso weakened 1% a day after Mexican

President-elect Claudia Sheinbaum expressed support for a debate

over proposed constitutional reforms that have spooked markets.

Analysts also have attributed the currency's weakness to the

strong gains it enjoyed in 2023 and early this year. The peso

rose 15% last year, ranking as one of the top performers among

Latin American currencies.

Meanwhile, traders noted that the Argentine peso

weakened 1.54% to its historic low of 1,300 per dollar in the

parallel black market.

The Chilean peso dropped 0.6% to more than a

one-month low and Peru's sol fell 0.5% to near a

four-month low, as copper prices in London hit their lowest

levels in seven weeks. Chile and Peru are the two biggest

producers of the metal.

Chile's central bank also is expected to lower its key

interest rate by 25 basis points to 5.75% next week, a poll of

analysts released by the bank showed. That move would follow a

50-basis-point cut in May.

Brazil's real was largely muted, as iron ore futures

tumbled to two-month lows and data showed the country's consumer

prices accelerated more than expected in May ahead of an

interest rate decision next week. Iron ore is one of the South

American nation's key exports.

"This data release closes the door on that (25-basis-point)

cut, particularly as it comes alongside increasingly hawkish

noises from the central bank," William Jackson, chief emerging

markets economist at Capital Economics, said in a note.

"If the Selic rate isn't lowered next week, it also becomes

hard to see any scope for rate cuts over the remainder of the

year," he said, referring to the central bank's key policy rate.

The Colombian peso also shed 0.3%, with investors

awaiting the country's consumer prices inflation data later on

Tuesday.

The currencies also weakened ahead of the U.S. Federal

Reserve's policy decision on Wednesday, with a series of

inflation reports also expected to further shape investors'

views of possible interest rate cuts later this year.

Key Latin American stock indexes and currencies:

Stock indexes Latest Daily %

change

MSCI Emerging Markets 1065.89 -0.41

MSCI LatAm 2207.10 -0.03

Brazil Bovespa 121209.44 0.37

Mexico IPC 0.00 0

Chile IPSA 6601.14 -0.31

Argentina MerVal 0.00 0

Colombia COLCAP 1405.69 -0.45

Currencies Latest Daily %

change

Brazil real 5.3568 -0.03

Mexico peso 18.3928 -1.02

Chile peso 925.3 -0.55

Colombia peso 3946.44 -0.27

Peru sol 3.7877 -0.51

Argentina peso (interbank) 902.0000 0.00

Argentina peso (parallel) 1260 0.40