Latam stocks, FX up for fifth day on commodities boost

The country's central bank considered a lower rate hike of at least 75 basis points this month, but decided a 100-basis-point increase would be "timelier" given inflationary pressures, minutes from its last policy meeting showed.

"The strength of commodity prices and weakness of imports has been helping real as has the hawkishness of BCB," said Rachel Ziemba, founder of Ziemba insights. "There are already a lot of hikes, likely too many, priced into the Brazilian curve, which has brought some solace."

Brazil's government foresees a smaller primary budget deficit this year on the back of higher revenues, especially from oil royalties, the economy ministry's bimonthly revenue and expenditure report indicated on Tuesday.

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