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LATAM FX: BRL Outperforming Ahead Of Copom Meeting

LATAM FX
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  • Regional currencies are trading stronger against the dollar in the wake of the dovish Fed decision, which saw the Fed delivering a 50bp cut and signalling 50bp more by year-end.
    • USDMXN has trimmed gains on the day, currently 0.5% higher at 19.20, having traded around 19.38 prior to the decision.
    • Today's gains narrowed the gap to initial resistance at 19.4613, the 20-day EMA, after the pair bounced off the 50-day EMA support earlier in the session, intersecting today around 19.07.
    • The Brazilian real is the key outperformer, evident by USDBRL dipped 0.9% on the day to 5.43, narrowing the gap to support at 5.3768, the Aug 19 low, which should be a key area of focus in the coming sessions.
    • This comes ahead of this evening’s Copom meeting when a contrasting 25bp hike in the Selic rate is expected.
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  • Regional currencies are trading stronger against the dollar in the wake of the dovish Fed decision, which saw the Fed delivering a 50bp cut and signalling 50bp more by year-end.
    • USDMXN has trimmed gains on the day, currently 0.5% higher at 19.20, having traded around 19.38 prior to the decision.
    • Today's gains narrowed the gap to initial resistance at 19.4613, the 20-day EMA, after the pair bounced off the 50-day EMA support earlier in the session, intersecting today around 19.07.
    • The Brazilian real is the key outperformer, evident by USDBRL dipped 0.9% on the day to 5.43, narrowing the gap to support at 5.3768, the Aug 19 low, which should be a key area of focus in the coming sessions.
    • This comes ahead of this evening’s Copom meeting when a contrasting 25bp hike in the Selic rate is expected.