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LatAm Currencies Continue Correction Following Fed Minutes

LATAM
  • The US Dollar remains solid following Wednesdays' Fed minutes release, which underlined the hawkish bias present among the FOMC and indicated the Fed are weighing a pace of balance sheet reduction at $95bln per month. The USD Index has touched a fresh cycle high at 99.82 during this morning’s session, putting the greenback at the best levels since May 2020.
  • In turn, popular currency longs among the LatAm region have come under pressure with around 2% corrections lower for MXN. BRL and CLP from their highest points of the week.
  • Following the Mexico inflation data, Banxico will release their latest set of minutes from the March meeting at 1500BST/1000ET. In Chile, trade balance, reserves and nominal wage data will be published.
  • Additionally, World Bank chief Latin America economist William Maloney speaks to the press as the lender publishes its regional economic outlook.
  • Focus elsewhere turns to US jobless claims release, as well as scheduled speeches from BoE's Pill, Fed's Bullard, Bostic and Evans.
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