Latin American Currencies Mount as Commodities Track Oil Higher

Latin American stocks and currencies noted a rise on Monday as talks of extended production cuts lifted crude oil futures. 

The negotiations prompted a rally across commodity markets. Moreover, oil prices mounted over 2 percent after officials from Saudi Arabia and Russia announced that supply cuts must continue thorugh 2018.

Colombian peso appreciated the most, whereas the currencies of fellow crude producers Mexico and Brazil jumped as well.

The recent increase in copper and raw material prices has led to rise of Chile's peso and Peru's sol. MSCI's 23-country emerging market stock index posted its sixth straight session of gains for the first time since August. Brazil's benchmark Bovespa stock index rose 0.37 percent amid expectations that Congress will pass pension reform.

Read more at Reuters