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USD Gains Traction Following Brainard Remarks, Weighs On LatAm FX

LATAM FX
  • The US Dollar has firmed over the past ten minutes following the latest comments from Fed’s Brainard and George. The Bloomberg dollar index has been quickly bolstered from the day’s worst levels to move into positive territory and approach yesterday’s highs.
  • Greenback strength bolstered by EURUSD through the overnight lows and extending below touted support at 1.0945, the Mar28 low.
  • Brainard expects a series of interest-rate increases and balance sheet reduction as soon as the May FOMC meeting [...] "I expect the balance sheet to shrink considerably more rapidly than in the previous recovery, with significantly larger caps and a much shorter period to phase in the maximum caps compared with 2017-19.
  • With equity indices under immediate pressure, LatAm FX has slipped from lofty levels and remains under pressure:
    • USDMXN up 0.33% at 19.8727
    • USDBRL up 1.38% at 4.6563
    • USDCLP up 0.33% at 782.26
    • USDCOP up 0.23% at 3714.7
    • USDPEN up 0.77% at 3.6725
    • BBG Dollar Index up 0.04% at 1196.27
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