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Greenback Maintains Downward Bias, Banxico Minutes

LATAM
  • (MNI) Beijing - The People’s Bank of China is expected to cut banks’ reserve requirement ratio in coming days as fresh Covid outbreaks fuel concerns about the sluggish economic recovery, helping soothe the bond market that has seen yields spike on fears of tightening liquidity, advisers and analysts told MNI.
  • Risk continues to be buoyed following yesterday’s weaker US data and confirmation that the Fed sees the pace of hikes slowing, with a 50bp move seeming very likely in December. The greenback maintains it’s short-term downtrend, although most G10 ranges remain more modest ahead of the US Thanksgiving session.
  • The JPY leads the G10 FX pack, with Tokyo returning from a mid-week holiday. USDJPY has traded through initial support at 139.64, the Nov 18 low and now the focus is on 137.68, Nov 15 low and a bear trigger.
  • Quiet LatAm data docket with Banxico Minutes the main event.
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