COMMODITIES: Crude Rises, Precious Metals Rebound

* Crude rose to its highest since late-January, before paring gains, as the risk premium builds while the market looks for indications on the next steps in US-Iran negotiations. * WTI Mar 26 is up by 0.9% at $64.6/bbl. * The Trump administration has discussed whether to seize Iranian oil tankers to pressure Tehran but have held off amid concern for retaliation and the impact on global oil markets, US officials said cited by Bloomberg. * Meanwhile, the Wall Street Journal cites three officials saying the pentagon is preparing to send a 2nd aircraft carrier to the middle east. * A bull cycle in WTI futures remains intact, with key resistance and the bull trigger at $66.48, the Jan 30 high. On the downside, attention is on support at the 20-day EMA, at $62.54. * Meanwhile, precious metals have rebounded as the overarching bearish dollar narrative quickly reasserted itself in the aftermath of today's US employment report, sapped the initial greenback enthusiasm. * Spot gold is currently up by 1.3% at $5,092/oz, while silver has bounced by 4.6% to $84.5/oz. * The latest bounce in gold highlights a retracement of the Jan 29 - Feb 2 sell-off, with the next resistance point to monitor at $5,139.9, a Fibonacci retracement level. * For silver, initial firm resistance is at 86.960, the 20-day EMA, followed by $100.0 round number resistance.

MEXICO: Peso Dips Shallow as Banxico’s Heath Cautious On Rate Cut Prospects

* The Mexican peso has unwound its earlier losses against the US dollar and is now unchanged on the session below 17.20, as the greenback has traded with a softer tone in the aftermath of the US payrolls data. As noted, headlines surrounding the US potentially withdrawing from the USMCA only prompted some short-lived weakness for the peso, while today's Mex IP data beat expectations, supporting last week's Banxico's interest rate hold. * Recent peso dips have been very shallow overall, as Mex/US discussion have remained broadly constructive and Banxico has signalled a pause in its easing cycle. As a result, USDMXN continues to hover just above cycle lows around the 17.10 mark, with scope seen for a move towards 16.9806, the 3.000 projection of the Nov 5 - 13 - 21 price swing. * The potential for an extended pause in Banxico's easing cycle should provide an anchor for the peso. Earlier today, Banxico Deputy Governor Jonathan Heath struck a cautious tone about prospects for a resumption of the easing cycle, saying that core inflation must show a clear downward trend, before the central bank can begin to cut again. * Although in an interview on the Grupo Financiero Banorte podcast, Heath said that there could be a cut as soon as next month if inflation was in line with expectations, he believes that the easing cycle should proceed gradually given the uncertainties. In particular, he expressed doubts about inflation reaching the 3% target in Q2 2027, as currently projected by the central bank, which he said no one believes.

PERU: Congress Reaches Threshold For Vote On Censure Against President Jeri

* "*PERU CONGRESS MEETS THRESHOLD FOR JERI CENSURE VOTE: REPUBLICA" - BBG * "The 78 signatures required to convene an emergency plenary session to debate the motion of censure and impeachment against Jos Jer were successfully gathered . According to the established procedure, the request must be submitted to the President of Congress, Fernando Rospiglios , who has 15 days to issue the summons and invite the members of parliament." (La Republica) * As a reminder, President Jeri is facing six motions of censure from Congress following his recent unregistered business meetings with Chinese businessmen. If the motion is passed, Jeri could be ousted from office.

CHILE: Robust Growth Outlook Offers Further Tailwind for CLP

* Amid a pick-up in copper prices today, USDCLP continues to hover in close proximity to recent cycle lows, with scope seen for an extension towards 845.72, the 1.618 projection of the Apr 9 - Jul 2 - Jul 30 2025 price swing, and 833.73, the 76.4% retracement of the 2023 - 2025 bull phase. As noted previously, very favourable terms of trade and optimism surrounding the pro-business policies of the incoming government continue to provide a tailwind for the peso, while the BCCh also nears the end of its easing cycle. * According to today's BCCh traders survey, market participants now expect the central bank to deliver the final 25bp rate cut at the March MPC meeting, earlier than April seen previously. As with the equivalent economist survey yesterday, the policy rate is then expected to remain on hold through the remainder of this year. * Despite expectations for a rate cut next month, BofA believes that it is not necessary for the BCCh to act. Further ahead, they see risks of potential hikes in early 2027, given prospects for strong economic growth amid high copper prices and pro-growth policies. Besides, low inflation in the short term is in part due to transitory shocks in their view, while real wage gains continue and services inflation is sticky. * BofA believes break-evens could move higher if the central bank cuts in March, while growth continues to accelerate. Market pricing currently implies the first rate hike around mid-2027, but BofA thinks the market is underestimating how quickly the conversation could shift, which suggests that paying 5y CLP swaps could be attractive.