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React: Dovish Response to Fed Buoys Local Currencies

LATAM FX
  • After some initial choppy price action, greenback weakness has resulted across the board following the release of the September FOMC decision/statement.
  • Markets potentially responding to the Fed declining to specify a date for a taper (although this was within analyst consensus), but the dot plots showing the potential for rate hikes as soon as 2022 limiting the magnitude of USD losses.
  • USDMXN made lows of 19.9370 from a starting price of around 20.05, which will be watched if any kind of reversal trade emerges.
  • Limited action in USDBRL which is slightly lower post-release, however with the Copom decision later, market participant focus may be elsewhere.
  • USDCLP after a solid reversal higher all session post-open has trimmed gains to around 787 with investors still focused on the 795.73 highs for a resumption of the uptrend.
  • FOMC press conference begins momentarily
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