Fujimori edges ahead, CPI prints, Copom to hold

It's looking increasingly likely that right-wing candidate Fujimori will secure Peru's presidency. She's likely to govern on a conservative, market-friendly platform, but her ability to push through reforms will hinge on her ability to forge alliances in congress. Elsewhere, the raft of inflation figures published this week generally brought good news in many countries, with headline rates falling in Mexico, Peru and Chile. In the latter, that should give the BCCh room to hold off raising rates next week. In Brazil, the further rise in inflation last month, alongside robust activity data, means that we expect Copom to pause its easing cycle at next week's meeting.