In Brazil, a BTG Pactual/Nexus poll showed on Monday that President Luiz Inacio Lula da Silva and right wing Senator Flavio Bolsonaro remain tied, with the leftist incumbent holding a narrow lead within the survey's margin of error.
The real BRL= edged 0.7% higher, while the Brazilian benchmark index .BVSP rose 0.9%.
Bank of America Global Research's Latin America fund manager survey showed that only one-third of participants would be willing to add to Brazilian equities at current levels, despite expectations the Ibovespa would top 180,000 points this year.
"The next president will choose the direction of economic policy, but Congress and fiscal arithmetic will determine how far that agenda can travel," said BofA Global Research economists in a note.
Meanwhile, Lula said Brazil did not intend to use its reciprocity law against the US over tariffs imposed by Washington as negotiations continue.
Brazil's September mid-month inflation figures are expected later this week. The central bank delivered a 25-basis-point rate cut last week, with private-sector economists polled weekly by the bank expecting an additional quarter-point rate cut at the end of 2026.
The Mexican peso MXN= was flat. The central bank of Mexico is widely expected to hold rates unchanged on Thursday.
Equities in Mexico .MXX reversed course to gain 0.2%.
Chile's peso CLP= appreciated 1.2%, the most among peers, as copper prices gained 1%. It was on track for its biggest one-day jump in over a month.
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