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Fed and ECB in Pre-Meeting Blackout Periods, Copom/BanRep Decisions

LATAM
  • Markets have largely shrugged off a dire set of PMI manufacturing and services numbers from across the UK, German and France, with conviction light ahead of the ECB rate decision on Thursday.
  • JPY is the poorest performer headed into the European open as markets bounce after suspected intervention on Friday (and possibly overnight). Authorities rolling out now familiar language on FX vigilance, but is having little impact on the pair which continues to inch higher having significantly recovered off the 145.56 overnight lows.
  • With the Fed and ECB inside their pre-meeting media blackout periods, there are few central bank speakers to note, with focus turning to the prelim October US PMI release.
  • Central bank decisions this week for Brazil and Colombia with Chile CB Minutes also due for publication.

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