FX: Neutral Near-Term Outlook

With a host of key Latin American currencies strengthening considerably against the US dollar in recent weeks we believe the rally may be about to take a breather. While we still like most regional majors over the medium term from a fundamental perspective - particularly given the likelihood of prolonged US dollar weakness - the technical picture for many suggests that some near-term consolidation or retracement could be due, before the units return to their longer-term appreciatory

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