Goldman Sachs Names Its Favorite Latin American Currencies

IBOV

170,331

▼ 2.22%

IPSA

10,425

▲ 0.62%

IPC MEX

67,265

▼ 1.50%

MERVAL

3,192,725

▲ 0.90%

COLCAP

2,238.99

▼ 1.13%

BVL PERÚ

34,836.62

▲ 0.71%

USD/BRL

5.06

▼ 0.03%

USD/MXN

17.29

▼ 0.28%

USD/CLP

896.34

▲ 0.07%

USD/COP

3,564

▼ 0.65%

USD/PEN

3.40

▼ 0.10%

USD/ARS

1,438

▼ 0.10%

USD/UYU

40.36

▲ 1.76%

USD/PYG

6,037

▲ 1.68%

USD/BOB

6.86

▲ 1.82%

USD/DOP

57.93

▲ 0.40%

USD/CRC

456.90

▲ 3.01%

USD/GTQ

7.62

▲ 2.22%

USD/HNL

26.64

▲ 0.49%

USD/NIO

36.62

▲ 0.34%

USD/VES

558.97

▼ 0.13%

USD/PAB

1.00

▲ 2.20%

USD/BZD

2.00

▲ 1.64%

USD/JMD

156.87

▲ 0.72%

USD/TTD

6.66

▲ 0.15%

EUR/BRL

5.89

▲ 0.97%

BRENT

94.70

▼ 3.18%

WTI

92.27

▼ 3.91%

IRON ORE

161.91

— —

COPPER

6.54

▲ 0.91%

GOLD

4,509

▲ 1.64%

SILVER

74.13

▲ 0.89%

SOY

1,124

▼ 2.64%

CORN

422.75

▼ 2.03%

WHEAT

581.00

▼ 1.06%

COFFEE

247.60

▼ 2.17%

SUGAR

14.29

▲ 0.35%

ORANGE JUICE

164.10

▼ 2.55%

COTTON

74.36

▼ 3.09%

COCOA

3,937

▼ 3.32%

BEEF

241.83

▼ 1.95%

CATTLE

353.28

▲ 3.11%

LITHIUM

83.22

▼ 1.93%

PETR4

41.25

▼ 0.77%

VALE3

81.79

▼ 3.78%

ITUB4

38.72

▼ 2.12%

BBDC4

17.37

▼ 2.14%

ABEV3

16.07

▼ 2.31%

BBAS3

19.53

▼ 1.81%

B3SA3

15.52

▼ 4.67%

WEGE3

41.78

▼ 0.52%

PRIO3

62.59

▲ 0.98%

SUZB3

41.22

▲ 1.95%

RENT3

40.44

▼ 3.32%

AZZA3

17.38

▼ 8.48%

CSAN3

3.58

▼ 7.73%

RAIZ4

0.39

▲ 2.63%

PCAR3

1.54

▼ 1.91%

GMAT3

4.20

▼ 0.24%

PSSA3

48.16

▼ 1.19%

CVCB3

1.48

▼ 3.90%

POSI3

3.75

▼ 7.64%

SLCE3

14.98

▼ 2.03%

NATU3

9.80

▼ 0.61%

BRKM5

9.43

▼ 5.79%

RANI3

7.90

▲ 0.51%

CSNA3

6.68

▼ 6.31%

CMIN3

4.50

▼ 5.86%

USIM5

11.46

▼ 4.82%

GGBR4

24.13

▼ 2.11%

ENEV3

24.23

▼ 4.42%

NEOE3

33.80

— 0.00%

CPFE3

43.30

▼ 0.46%

CMIG4

10.86

▼ 1.27%

EQTL3

39.81

▲ 1.89%

LREN3

14.64

▼ 5.67%

VIVT3

33.75

▼ 0.15%

RAIL3

13.89

▼ 2.11%

KLABIN

16.76

▼ 0.89%

RAIA DROGASIL

17.51

▼ 3.26%

RDOR3

33.11

▼ 3.33%

HAPV3

11.22

▼ 8.26%

FLRY3

14.70

▼ 4.11%

SMTO3

17.30

▼ 1.14%

UGPA3

24.92

▼ 3.07%

VBBR3

29.48

▼ 2.16%

BBSE3

35.04

▼ 0.26%

BPAC11

50.71

▼ 4.77%

CURY3

29.45

▼ 6.00%

AERI3

2.31

▼ 1.28%

VIVARA

20.50

▼ 4.21%

COMPASS

25.79

▼ 2.68%

VAMOS

2.94

▼ 1.01%

SANB11

26.72

▼ 2.34%

ASAI3

8.79

▼ 2.87%

SBSP3

27.23

▼ 1.66%

WALMEX

51.46

▼ 1.36%

GMEXICO

208.05

▼ 2.79%

FEMSA

211.72

▼ 0.04%

CEMEX

22.31

▼ 0.62%

GFNORTE

179.50

▼ 0.66%

BIMBO

56.93

▼ 2.48%

TELEVISA

9.25

▲ 2.32%

AMX

21.88

▼ 1.44%

GAP

411.76

▼ 1.61%

ASUR

293.77

▼ 1.01%

OMA

217.18

▼ 1.13%

KOF

184.91

▼ 1.14%

GRUMA

293.00

▼ 0.48%

KIMBER

37.71

▼ 1.00%

SQM-B

70,000

▼ 1.41%

COPEC

6,240

▲ 2.29%

BSANTANDER

69.39

▲ 1.89%

FALABELLA

5,565

▲ 2.11%

ENELAM

76.51

▼ 0.34%

CENCOSUD

2,190

▲ 1.02%

CMPC

1,049

▲ 2.06%

BANCO CHILE

167.46

▲ 2.12%

LATAM AIR

22.43

▲ 0.63%

YPF

83,550

▲ 0.60%

GGAL

7,440

▲ 1.22%

PAMPA

5,115

— 0.00%

TXAR

687.00

▲ 1.40%

ALUAR

1,010

▼ 0.49%

TGS

9,270

▲ 0.71%

CEPU

2,286

▼ 1.00%

MIRGOR

16,950

▲ 0.15%

COME

48.39

▲ 1.00%

LOMA NEGRA

3,480

▲ 0.80%

BYMA

294.25

▲ 0.43%

TELECOM ARG

4,038

▼ 0.37%

ECOPETROL

15.36

▼ 1.41%

BANCOLOMBIA

72.38

▲ 0.18%

GRUPO AVAL

4.94

▼ 0.80%

CREDICORP

330.00

▲ 0.79%

SOUTHERN COPPER

192.29

▼ 2.19%

BUENAVENTURA

34.65

▲ 2.32%

MERCADOLIBRE

1,639

▲ 0.05%

NUBANK

12.00

▲ 3.05%

XP

15.74

▲ 0.87%

PAGSEGURO

8.78

▲ 0.11%

STONE

10.70

▲ 0.52%

GLOBANT

39.39

▼ 0.72%

TECNOGLASS

42.13

▼ 0.53%

GAP AIRPORT

237.93

▼ 1.16%

ASUR

293.77

▼ 1.01%

OMA AIRPORT

100.41

▼ 0.76%

AMX ADR

25.29

▼ 0.98%

FEMSA ADR

122.55

▲ 0.61%

CEMEX ADR

12.89

▼ 0.08%

PETROBRAS ADR

18.10

▼ 0.52%

VALE ADR

15.87

▼ 1.21%

ITAU ADR

7.70

▲ 1.38%

SANTANDER BR

5.36

▲ 1.04%

AMBEV ADR

3.12

▼ 0.64%

CSN

1.30

▼ 1.15%

GERDAU

4.77

▲ 0.32%

LATAM ADR

49.75

▲ 0.07%

BTC

63,500

▼ 0.80%

ETH

1,770

▼ 2.29%

SOL

69.57

▼ 2.85%

XRP

1.17

▼ 2.30%

BNB

603.73

▼ 2.64%

ADA

0.19

▼ 6.16%

DOGE

0.09

▼ 2.26%

AVAX

7.77

▼ 3.48%

LINK

8.05

▼ 3.37%

DOT

1.07

▼ 3.31%

LTC

46.37

▼ 1.64%

BCH

246.66

▲ 1.60%

TRX

0.33

▼ 0.78%

XLM

0.21

▼ 1.15%

HBAR

0.09

▲ 0.47%

NEAR

2.44

▼ 13.29%

ATOM

1.84

▼ 0.89%

AAVE

72.14

▼ 3.06%

SELIC

14.50%

—

EMBRAER

69.67

▼ 3.17%

EMBRAER ADR

56.59

▲ 2.52%

JBS

12.12

▲ 1.98%

JBS BDR

59.90

▼ 1.17%

MBRF3

15.78

▼ 0.44%

MBRFY

3.06

— 0.00%

INTER

5.74

▼ 1.12%

EGX

52,653

▲ 0.17%

USD/ZAR

16.30

▼ 0.14%

USD/NGN

1,358

▲ 0.06%

NIKKEI

67,471

▼ 1.36%

CSI300

4,905

▼ 0.69%

HSI

25,253

▼ 1.48%

NIFTY

23,417

▲ 0.05%

KOSPI

8,639

▼ 1.84%

JCI

5,840

▼ 1.70%

USD/JPY

159.99

— 0.00%

USD/CNY

6.7730

▲ 0.06%

DAX

24,945

▲ 0.60%

CAC

8,244

▲ 1.15%

FTSE

10,360

▲ 0.27%

MIB

50,174

▲ 0.27%

IBEX

18,276

▲ 0.55%

STOXX

624.45

▲ 0.52%

EUR/USD

1.1625

▲ 0.20%

GBP/USD

1.3433

▲ 0.09%

SPX

7,582

▲ 0.38%

DJI

51,509

▲ 1.62%

NDX

30,423

▼ 0.48%

RUT

2,931

▲ 1.29%

TSX

35,207

▲ 1.17%

VIX

15.45

▼ 3.80%

USD/CAD

1.3898

▲ 0.04%

US10Y

4.4670

▼ 0.53%

IBOV

170,331

▼ 2.22%

IPSA

10,425

▲ 0.62%

IPC MEX

67,265

▼ 1.50%

MERVAL

3,192,725

▲ 0.90%

COLCAP

2,238.99

▼ 1.13%

BVL PERÚ

34,836.62

▲ 0.71%

USD/BRL

5.06

▼ 0.03%

USD/MXN

17.29

▼ 0.28%

USD/CLP

896.34

▲ 0.07%

USD/COP

3,564

▼ 0.65%

USD/PEN

3.40

▼ 0.10%

USD/ARS

1,438

▼ 0.10%

USD/UYU

40.36

▲ 1.76%

USD/PYG

6,037

▲ 1.68%

USD/BOB

6.86

▲ 1.82%

USD/DOP

57.93

▲ 0.40%

USD/CRC

456.90

▲ 3.01%

USD/GTQ

7.62

▲ 2.22%

USD/HNL

26.64

▲ 0.49%

USD/NIO

36.62

▲ 0.34%

USD/VES

558.97

▼ 0.13%

USD/PAB

1.00

▲ 2.20%

USD/BZD

2.00

▲ 1.64%

USD/JMD

156.87

▲ 0.72%

USD/TTD

6.66

▲ 0.15%

EUR/BRL

5.89

▲ 0.97%

BRENT

94.70

▼ 3.18%

WTI

92.27

▼ 3.91%

IRON ORE

161.91

— —

COPPER

6.54

▲ 0.91%

GOLD

4,509

▲ 1.64%

SILVER

74.13

▲ 0.89%

SOY

1,124

▼ 2.64%

CORN

422.75

▼ 2.03%

WHEAT

581.00

▼ 1.06%

COFFEE

247.60

▼ 2.17%

SUGAR

14.29

▲ 0.35%

ORANGE JUICE

164.10

▼ 2.55%

COTTON

74.36

▼ 3.09%

COCOA

3,937

▼ 3.32%

BEEF

241.83

▼ 1.95%

CATTLE

353.28

▲ 3.11%

LITHIUM

83.22

▼ 1.93%

PETR4

41.25

▼ 0.77%

VALE3

81.79

▼ 3.78%

ITUB4

38.72

▼ 2.12%

BBDC4

17.37

▼ 2.14%

ABEV3

16.07

▼ 2.31%

BBAS3

19.53

▼ 1.81%

B3SA3

15.52

▼ 4.67%

WEGE3

41.78

▼ 0.52%

PRIO3

62.59

▲ 0.98%

SUZB3

41.22

▲ 1.95%

RENT3

40.44

▼ 3.32%

AZZA3

17.38

▼ 8.48%

CSAN3

3.58

▼ 7.73%

RAIZ4

0.39

▲ 2.63%

PCAR3

1.54

▼ 1.91%

GMAT3

4.20

▼ 0.24%

PSSA3

48.16

▼ 1.19%

CVCB3

1.48

▼ 3.90%

POSI3

3.75

▼ 7.64%

SLCE3

14.98

▼ 2.03%

NATU3

9.80

▼ 0.61%

BRKM5

9.43

▼ 5.79%

RANI3

7.90

▲ 0.51%

CSNA3

6.68

▼ 6.31%

CMIN3

4.50

▼ 5.86%

USIM5

11.46

▼ 4.82%

GGBR4

24.13

▼ 2.11%

ENEV3

24.23

▼ 4.42%

NEOE3

33.80

— 0.00%

CPFE3

43.30

▼ 0.46%

CMIG4

10.86

▼ 1.27%

EQTL3

39.81

▲ 1.89%

LREN3

14.64

▼ 5.67%

VIVT3

33.75

▼ 0.15%

RAIL3

13.89

▼ 2.11%

KLABIN

16.76

▼ 0.89%

RAIA DROGASIL

17.51

▼ 3.26%

RDOR3

33.11

▼ 3.33%

HAPV3

11.22

▼ 8.26%

FLRY3

14.70

▼ 4.11%

SMTO3

17.30

▼ 1.14%

UGPA3

24.92

▼ 3.07%

VBBR3

29.48

▼ 2.16%

BBSE3

35.04

▼ 0.26%

BPAC11

50.71

▼ 4.77%

CURY3

29.45

▼ 6.00%

AERI3

2.31

▼ 1.28%

VIVARA

20.50

▼ 4.21%

COMPASS

25.79

▼ 2.68%

VAMOS

2.94

▼ 1.01%

SANB11

26.72

▼ 2.34%

ASAI3

8.79

▼ 2.87%

SBSP3

27.23

▼ 1.66%

WALMEX

51.46

▼ 1.36%

GMEXICO

208.05

▼ 2.79%

FEMSA

211.72

▼ 0.04%

CEMEX

22.31

▼ 0.62%

GFNORTE

179.50

▼ 0.66%

BIMBO

56.93

▼ 2.48%

TELEVISA

9.25

▲ 2.32%

AMX

21.88

▼ 1.44%

GAP

411.76

▼ 1.61%

ASUR

293.77

▼ 1.01%

OMA

217.18

▼ 1.13%

KOF

184.91

▼ 1.14%

GRUMA

293.00

▼ 0.48%

KIMBER

37.71

▼ 1.00%

SQM-B

70,000

▼ 1.41%

COPEC

6,240

▲ 2.29%

BSANTANDER

69.39

▲ 1.89%

FALABELLA

5,565

▲ 2.11%

ENELAM

76.51

▼ 0.34%

CENCOSUD

2,190

▲ 1.02%

CMPC

1,049

▲ 2.06%

BANCO CHILE

167.46

▲ 2.12%

LATAM AIR

22.43

▲ 0.63%

YPF

83,550

▲ 0.60%

GGAL

7,440

▲ 1.22%

PAMPA

5,115

— 0.00%

TXAR

687.00

▲ 1.40%

ALUAR

1,010

▼ 0.49%

TGS

9,270

▲ 0.71%

CEPU

2,286

▼ 1.00%

MIRGOR

16,950

▲ 0.15%

COME

48.39

▲ 1.00%

LOMA NEGRA

3,480

▲ 0.80%

BYMA

294.25

▲ 0.43%

TELECOM ARG

4,038

▼ 0.37%

ECOPETROL

15.36

▼ 1.41%

BANCOLOMBIA

72.38

▲ 0.18%

GRUPO AVAL

4.94

▼ 0.80%

CREDICORP

330.00

▲ 0.79%

SOUTHERN COPPER

192.29

▼ 2.19%

BUENAVENTURA

34.65

▲ 2.32%

MERCADOLIBRE

1,639

▲ 0.05%

NUBANK

12.00

▲ 3.05%

XP

15.74

▲ 0.87%

PAGSEGURO

8.78

▲ 0.11%

STONE

10.70

▲ 0.52%

GLOBANT

39.39

▼ 0.72%

TECNOGLASS

42.13

▼ 0.53%

GAP AIRPORT

237.93

▼ 1.16%

ASUR

293.77

▼ 1.01%

OMA AIRPORT

100.41

▼ 0.76%

AMX ADR

25.29

▼ 0.98%

FEMSA ADR

122.55

▲ 0.61%

CEMEX ADR

12.89

▼ 0.08%

PETROBRAS ADR

18.10

▼ 0.52%

VALE ADR

15.87

▼ 1.21%

ITAU ADR

7.70

▲ 1.38%

SANTANDER BR

5.36

▲ 1.04%

AMBEV ADR

3.12

▼ 0.64%

CSN

1.30

▼ 1.15%

GERDAU

4.77

▲ 0.32%

LATAM ADR

49.75

▲ 0.07%

BTC

63,500

▼ 0.80%

ETH

1,770

▼ 2.29%

SOL

69.57

▼ 2.85%

XRP

1.17

▼ 2.30%

BNB

603.73

▼ 2.64%

ADA

0.19

▼ 6.16%

DOGE

0.09

▼ 2.26%

AVAX

7.77

▼ 3.48%

LINK

8.05

▼ 3.37%

DOT

1.07

▼ 3.31%

LTC

46.37

▼ 1.64%

BCH

246.66

▲ 1.60%

TRX

0.33

▼ 0.78%

XLM

0.21

▼ 1.15%

HBAR

0.09

▲ 0.47%

NEAR

2.44

▼ 13.29%

ATOM

1.84

▼ 0.89%

AAVE

72.14

▼ 3.06%

SELIC

14.50%

—

EMBRAER

69.67

▼ 3.17%

EMBRAER ADR

56.59

▲ 2.52%

JBS

12.12

▲ 1.98%

JBS BDR

59.90

▼ 1.17%

MBRF3

15.78

▼ 0.44%

MBRFY

3.06

— 0.00%

INTER

5.74

▼ 1.12%

EGX

52,653

▲ 0.17%

USD/ZAR

16.30

▼ 0.14%

USD/NGN

1,358

▲ 0.06%

NIKKEI

67,471

▼ 1.36%

CSI300

4,905

▼ 0.69%

HSI

25,253

▼ 1.48%

NIFTY

23,417

▲ 0.05%

KOSPI

8,639

▼ 1.84%

JCI

5,840

▼ 1.70%

USD/JPY

159.99

— 0.00%

USD/CNY

6.7730

▲ 0.06%

DAX

24,945

▲ 0.60%

CAC

8,244

▲ 1.15%

FTSE

10,360

▲ 0.27%

MIB

50,174

▲ 0.27%

IBEX

18,276

▲ 0.55%

STOXX

624.45

▲ 0.52%

EUR/USD

1.1625

▲ 0.20%

GBP/USD

1.3433

▲ 0.09%

SPX

7,582

▲ 0.38%

DJI

51,509

▲ 1.62%

NDX

30,423

▼ 0.48%

RUT

2,931

▲ 1.29%

TSX

35,207

▲ 1.17%

VIX

15.45

▼ 3.80%

USD/CAD

1.3898

▲ 0.04%

US10Y

4.4670

▼ 0.53%

Latin America · Markets

Key Facts

—The call: Goldman Sachs favors several Latin American currencies within the emerging-market universe.

—The reasons: The bank cites terms of trade, carry returns and country-specific factors behind the preference.

—The favorite: Mexico’s peso stands out, supported by high real rates and its tie to the U.S. economy.

—The strategy: The wider carry trade has gained about 12% in 2026, its strongest start in three years.

—The caution: Crowded positioning in relatively illiquid currencies could reverse sharply on a shock.

In a year when investors are hunting for yield, Wall Street is pointing them south, betting that several Latin American currencies have the ingredients to keep outperforming.

RTAsk Rio TimesAsk about Latin American markets, currencies, and companies — answered from our reporting and live data.Start asking →

Goldman Sachs has singled out a handful of Latin American currencies as among its preferred bets within the emerging-market world, citing a mix of favorable terms of trade, attractive carry returns and country-specific strengths. The view places the region at the heart of one of 2026’s most profitable trades and reflects a broader conviction on Wall Street that, despite political and trade uncertainty, parts of Latin America still offer some of the best risk-adjusted returns in currency markets.

Why Goldman favors these Latin American currencies

The case rests on three pillars. Terms of trade, the ratio of export to import prices, have been buoyed for commodity exporters by firm prices for oil, metals and farm goods, strengthening currencies such as Brazil’s real and Colombia’s peso.

Carry, the return an investor earns from holding a higher-yielding currency funded in a low-yielding one, remains generous in a region where central banks have kept interest rates high to fight inflation. And local factors, from credible policy frameworks to improving external balances, round out the picture.

Goldman’s strategists have recommended clients hold an equally weighted basket of high-yielding currencies, an approach that spreads the bet across several names rather than concentrating it in one.

The peso at the center of the trade

Mexico’s peso has been a standout. The bank has long described it as sharing the characteristics of a good carry currency, a high real interest rate, improving external balances and a credible policy framework, and its tight integration with the U.S. economy adds support when American growth holds up.

The currency has been one of the stronger emerging-market performers in 2026, though some other banks have begun to question how much further it can climb as global interest-rate differentials narrow and the review of the USMCA trade pact looms. The broader carry strategy, often funded in low-yielding currencies such as the Japanese yen, has returned roughly 12% this year, its best start since 2023, helped by a surge in oil prices that lifted commodity-linked currencies.

The risks beneath the returns

The strategy is not without danger. Goldman has flagged that the main risk to its constructive view is crowded positioning in relatively illiquid currency markets, which can reverse sharply on a negative shock, whether a spike in global risk aversion, an oil-price reversal or a political surprise.

Several countries in the region face elections and trade frictions that could unsettle markets, and analysts caution that the same high rates fueling the carry trade also signal underlying inflation problems. For now, though, the combination of strong commodity prices and wide yield gaps has kept Latin American currencies in favor, and Goldman’s endorsement adds weight to a trade that has already rewarded investors who leaned in early this year.

Frequently Asked Questions

Which currencies does Goldman favor?

Several Latin American currencies within the emerging-market universe, with Mexico’s peso a standout, chosen for carry, terms of trade and local strengths.

What is the carry trade?

A strategy of borrowing in a low-yielding currency to invest in a higher-yielding one, earning the rate difference. It has returned about 12% in 2026.

Why is the Mexican peso favored?

It offers high real interest rates, improving external balances, a credible policy framework and benefits from close ties to the U.S. economy.

What is the main risk?

Crowded positioning in relatively illiquid currency markets, which Goldman warns could reverse sharply on a negative shock.