Latin America Economics & Strategy Daily: IGP-DI Eases, Sheinbaum’s Approval, Colombia Health System, BCRP Continuity

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Latin America Economics & Strategy Daily: IGP-DI Eases, Sheinbaum’s Approval, Colombia Health System, BCRP Continuity

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07 Jul 2026 10:23:27 ET │ 19 pages

Latin America Economics & Strategy

Daily

IGP-DI Eases, Sheinbaum’s Approval, Colombia Health System, BCRP

Continuity Ernesto Revilla AC

+1-212-816-2621

ernesto.revilla@citi.com

CITI'S TAKE

Luis E Costa, CFA AC

Today we discuss developments in Brazil, Mexico, Colombia, Chile, Peru and +44-20-7986-9757

Argentina. luis.costa@citi.com

Regional Macro — Julio Velarde has agreed to remain chief of BCRP for another term, Esteban Tamayo AC

ensuring policy continuity under Fujimori administration (Bloomberg, July 7th). On esteban.tamayo@citi.com

the global front, recent attacks in the Strait of Hormuz highlight the fragile nature of AC Leonardo Portothe US-Iran agreement (Bloomberg, July 7th).

leonardo.porto@citi.com

LatAm Strategy Trades — We went long BRL against EUR and AUD as the current AC Paulo Lopesmacroeconomic backdrop still suggests resilience for high real-yielding EM (link).

We are holding on to our vol adjusted (structurally long USD) long MXN, BRL and TRY paulo.lopes@citi.com

vs CAD, CHF and THB, to capture high yielders carry (link). AC Thais Ortega

Brazil — General prices index suggests easing inflation pressures ahead. thais.ortega@citi.com

Felipe Juncal ACMexico — Mexico's internal demand showed tentative signs of stabilization in April,

but momentum remains soft. Presidential Approval Remains High Despite Weaker felipe.juncal@citi.com

Security and External Perceptions. AC Donato Guarino

Colombia — The incoming De la Espriella administration is signaling a pragmatic donato.guarino@citi.com

rescue of Colombia’s health system rather than a wholesale restructuring, with the AC Ricardo Raul Dessy