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Weighed By Renewed Pressure In Equities


LATAM FX: Renewed pressure in equities sees an further signs of LatAm FX weakness.

  • USDMXN approaching back to the 21 handle. 21.0436 capped price action earlier.
  • Much earlier intervention today as USDBRL takes out 5.5471 highs. November gap fill remains 5.6150-5.6648. BCB had previously intervened at ~2% BRL losses which would match up with this 5.6648 level. The early intervention indicates they are uncomfortable at current levels.
  • Fresh session highs above 723 horizontal resistance which may open up a short term move to 727.55, Feb 12 high.

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