Looking at emerging market dynamics, Brazil's real and Chile's peso could see some real strength in the first half of the year. The setup looks fairly compelling before things get messy politically. Once the election cycles kick into high gear across the region, expect volatility to spike—capital tends to get jittery when political uncertainty peaks. For traders holding exposure to Latin American currencies, the window for gains narrows as we move deeper into the year. Right now though? Conditions favor appreciation, assuming global risk appetite holds. Worth monitoring how Fed policy and commodity prices shake out—both tend to move these pairs significantly. The real catalyst will be whether uncertainty can stay contained until after voting concludes.