Most Latin American currencies gained 6.24% in the year through October, while Brazil's real rallyed more than 1% against a steady dollar, while a spike in Mexican inflation raised bets for another interest rate increase later this week. The Mexican peso was flat after consumer prices rose by 2.24% in the year through October, a double target of the central bank, which caused concerns that increasing prices will weigh on an economic recovery. According to a poll, Mexico's central bank, Banxico, will likely raise its benchmark interest rate by 25 basis points to 5% on Thursday, in the wake of rising price pressures. Analysts think there will be a larger increase. The swap market pricing for Banxico could be up to 100 bp until year-end, which points towards rate steps of 50 bp, according to Elisabeth Andreae, an analyst at Commerzbank. Brazil's real jumped 1.2% to a three-week high. The president Jair Bolsonaro is raising pressure on lawmakers regarding an amendment to expand government spending next year, allowing him to ramp up welfare programs during his re-election campaign. Bolsonaro, whose popularity is sliding, is set to join the center-right Liberal Party. The stocks in Sao Paulo were up by 1.3%, with a slew of corporate updates in the spotlight. The bank wants to increase profitability in the coming quarters after its chief financial officer said that the bank will seek to increase profitability. Petz retailer Petz gained 6.1% on earnings and guidance, while airline Gol fell 2.5% after it reported a net loss for the third quarter as traffic remained below pre-pandemic levels. The dollar was stable against a basket of currencies. Analysts awaiting inflation data due on Wednesday, which may give clues as to when the Federal Reserve will raise interest rates. The world's top copper exporter, Chile, gained 1.3% to a more than one-month high of 791.7 against the dollar. The forecast for mining investments for Chile was cut by 6.9% as two projects were removed. Meanwhile, impeachment proceedings against Chile"s center-right President Sebasti n Pi era, over allegations of irregularities in the sale of a mining firm, will advance to the Senate after being approved by a majority of deputies in the lower chamber. It comes just a few weeks before the presidential elections.