Brazil's real , snapped a three-day winning run, last down 0.4% after falling over 1% earlier in the day. A central bank survey on Monday showed Brazil's inflation and interest rate expectations for the year had risen. While most other Latin American currencies also fell, underperforming broader emerging market peers, Chile's peso rose 0.8% as copper prices hit six-month highs. Data showed Chile posted a trade surplus of $1.85 billion in the month, up from a $417 million surplus in December 2021. Data showed Mexico's headline inflation ended 2022 slightly below analysts' expectations, while core inflation appeared to have lost steam.

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