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USD Well Supported Following FOMC Minutes Release, LatAm FX Fades

LATAM
  • After a very brief blip lower, the greenback is firming with the Bloomberg Dollar Index rising to the best levels of the day and equities remaining under pressure following the release of the FOMC minutes.
  • For EURUSD, an initial spike to 1.0928 saw some solid dollar demand with the pair now back below the 1.09 handle and fast approaching the early European lows at 1.0875.
  • In similar vein, USDJPY fell to touch 123.50 before finding good support and now resides just shy of the 124 mark and day’s high at 124.05. Technically, a corrective cycle is still in play despite recent gains, with clearance of 125.09 needed to confirm a resumption of the primary uptrend.
  • LatAm FX extending lower as the dust settles on the minutes release, with CLP leading global losses, closely followed by both BRL and MXN.
    • USDMXN up 0.82% at 20.1667
    • USDBRL up 1.17% at 4.7063
    • USDCLP up 1.76% at 800.55
    • USDCOP up 0.25% at 3750.45
    • USDPEN up 0.66% at 3.722
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