In Brazil, annual inflation remained at 6.5% in July, below expectations

In Chile, as expected, inflation came in at 0.2% MoM in July. Based on the available information, we think the central bank should consider a cut of 25bp or 50bp in the MPR at its August meeting. The trade balance in Peru remained negative in June, accumulating a deficit of more than 3% of GDP in 2Q14. In Mexico, gross fixed investment surprised to the upside and showed a gradual but uneven recovery, concentrated in machinery and equipment.

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