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USD slides continues after dovish Fed’s minutes

Posted on: February 23, 2017

Fed minutes were slightly dovish with no hints of a March hike yesterday. USD sell off after the minutes and has continued into the overnight led by the strength of MXN and AUD. Euro has outperformed on the news that French candidate Bayrou is pulling out of the race and backing Macron. This is negative for Le Pen who’s in the lead from the poll currently.

USDCAD is still very much a range trade as it has been contained within the 1.2950/1.3200 range since the end of January aligning with WTI stuck between 50 and 55 dollar per barrel. With the market focused on the French election and March Fed hike looking increasingly off the table, I suspect the USDCAD will be stagnant till middle of March.

More interesting is the Mexican peso that has gain further strength on the back of a new hedging program using non-deliverable forward. This will give the Banxico more bullets with less concern of decreasing foreign reserves. This couple with strong risk sentiment as seen by strong flow into emerging market currencies has definitely supported the peso. The next key level is the 19.40/60 area, will definitely looking into those area to see how price action plays out.

  • Previous Day’s NA Range 1.3143 - 1.3210
  • Asia overnight range 1.3132 – 1.3171
  • London overnight range 1.3116- 1.3161


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