That was seen in the North American morning before the greenback recovered to MXN20.16. Still, the greenback is firm today in a MXN20.0960-MXN20.1875 range. Latam currencies accounted for three of the top four performing emerging market currencies yesterday. The Brazilian real was the strongest, gaining 1.7%, ostensibly helped by speculation that a package of spending cuts will be announced shortly. The Chilean and Mexican pesos rose by about 0.8%. The South African rand joint the trio from Latam, gaining around 0.85%. Fitch said it may upgrade South Africa's credit rating if it sticks to the budget path and an improvement in growth would also support fiscal consolidation. Fitch sees South Africa as a BB- credit with a neutral rating.