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EM FX: Post-Data USD Spike Triggers Weakness Across EM, MXN Resilient

EM FX
BulletEM BulletEmerging Market News

The greenback is only moderately higher across the board as the initial reaction to above consensus core CPI provides some dollar relief and tilts the USD index back into positive territory on the session.

  • The move sees USDZAR sharply pare its earlier losses, with the pair now in the green as post-data weakness in gold provides an additional headwind to the rand. EURUSD is through the overnight lows, with single currency weakness weighing on the likes of HUF and PLN.
  • While losses across the emerging markets space are broad-based, the Mexican peso is an exception, with gains for the currency unfazed by the data. USDMXN has now fully erased Tuesday’s gains, 1.3% lower on the session and approaching Monday’s lows at typing.
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The greenback is only moderately higher across the board as the initial reaction to above consensus core CPI provides some dollar relief and tilts the USD index back into positive territory on the session.

  • The move sees USDZAR sharply pare its earlier losses, with the pair now in the green as post-data weakness in gold provides an additional headwind to the rand. EURUSD is through the overnight lows, with single currency weakness weighing on the likes of HUF and PLN.
  • While losses across the emerging markets space are broad-based, the Mexican peso is an exception, with gains for the currency unfazed by the data. USDMXN has now fully erased Tuesday’s gains, 1.3% lower on the session and approaching Monday’s lows at typing.