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Greenback Weakness Prevails As Dust Settles Post-FOMC

LATAM FX
  • Following the mixed data within the US employment report, the US dollar saw immediate two-way price action after the release.
  • As the dust settles, dollar weakness is prevailing with the Bloomberg dollar index down roughly 0.3%, slowly erasing gains for the week.
  • USDMXN had a brief pop to 20.52 but the market still appears to be in sell rallies mode as the currency pair is approaching the recent lows circa 20.34. Comments from Banxico’s Heath may also embolden the 50bp hike probability at the next meeting, adding a tailwind for MXN bulls. Attention remains on support at 20.2517, Nov 9 low and 20.1196, Oct 26 low.
  • USDBRL has had a strong reversal after briefly testing back above 5.70 and now roughly 1% lower. Next Tuesday we will see December IPCA inflation data.
  • The Chilean Peso is the region’s best performing currency, following the large 7.2% print for annual headline inflation, exacerbated by a deterioration in technical conditions for USDCLP.
  • The Peruvian Sol has reacted positively to the hawkish adjustment within the central bank’s latest statement and trades around half a percent in the green.
    • USDMXN down 0.64% at 20.3672
    • USDBRL down 0.64% at 5.6495
    • USDCLP down 1.15% at 827.48
    • USDPEN down 0.44% at 3.9505
    • BBG Dollar Index down 0.31% at 1177.1
    • USDCNH down 0.14% at 6.3853
    • JPMorgan EM Ccy Index up 0.5% at 52.693
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