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Regional Pairs Little Changed As Dust Settles Post Powell

LATAM FX
  • Two-way flow for the greenback following Fed Chair Powell’s speech leaves most LatAm pairs at similar levels to pre-release. The initial dollar selling stemmed from comments suggesting the Federal Reserve will "carefully" consider whether to raise interest rates further and how long to keep them high, given the "very favorable" decline in inflation over the summer, indications that the labor market is cooling and the likelihood of more "meaningful tightening" still filtering through from past increases.
  • However, with Chair Powell also indicating the evidence is that policy is not “too tight” right now and that the Fed has to let the rise in yields play out, the greenback momentarily regained its poise.
  • USDMXN remains slightly lower on the day, aided by headlines just before Powell on the government accord with Mexico airport operators. This idiosyncratic development over the sudden change to airport tariff regulation by the government had been widely touted as a contributor to the recent negative sentiment surrounding the peso.
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