Markets in Latin America have shrugged off signs that the US Fed will begin to raise interest rates over the coming months. While most currencies have weakened in recent weeks, the falls have been modest and the Brazilian real has actually strengthened since the start of June. Meanwhile, most equity markets are up on the start of this month. All of this supports our view that the first rate hike in the US may not trigger the shockwaves in Latin America that many seem to expect.
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