The Colombian government’s fiscal plans due to be released later today are likely to see a much less ambitious budget deficit target and a suspension of the fiscal rule, which will raise further concerns about the sovereign debt trajectory. Elsewhere, low-profile data out this week provided further evidence that Mexico’s exports have been relatively resilient in the face of US import tariffs – helped to a large degree by front-running of electronics and auto parts. Finally, we hold a non-consensus view that Brazil's central bank will opt for a final 25bp hike in the Selic rate (rather than hold) on Wednesday.
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