Strong trade data, inflation jump, Peru votes

The early trade data for March suggests that Brazil's economy is, on net, benefitting from the energy price shock and that Chile's rising energy import bill is being offset by strong exports, shielding the peso. Inflation jumped across the region in March and, concerningly, the rise in consumer prices wasn't just concentrated in energy itself. That's likely to prompt further central bank caution. Finally, while Peru's presidential election on Sunday is almost certain to go to a run-off in June, legislative elections are likely to result in a highly fractured congress - which will be a key constraint any reforms the next president tries to enact.