The Brazilian real dipped on Tuesday on worries about the country’s economy and pension reform plans, while other Latin American currencies rose against a weaker dollar.

The Brazilian real edged lower for a second day, while the Mexican peso hovered near two-week lows even as the greenback touch new lows against a basket of major currencies.

FRX/ Minutes from the Brazilian central bank’s June policy meeting showed the economy is stagnating and uncertainty surrounding economic and fiscal reforms is clouding the growth and inflation outlook. Investors are looking ahead to a congressional committee vote on the revised pension reforms bill, expected as soon as Thursday.

“BCB minutes emphasize that pension reform is the prerequisite for any easing,” Citi analyst Dirk Willer wrote in a note. “Not only does the board see reforms as the key risk factor in the balance of risks to inflation, reforms are also necessary to drive down uncertainty and the structural rate.”

The dip in the dollar, however, helped the Colombian , Chilean and Argentine pesos.

Emerging market currencies have benefited from a weaker dollar that has been dented by the prospect of monetary policy easing by the Federal Reserve. Federal Reserve Chairman Jerome Powell is expected on Tuesday to maintain a more dovish posture after the U.S. central bank last Wednesday signaled it could cut interest rates as early as July to battle growing global and domestic economic risks.

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