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The Post Fed Post Mortem

Posted by WorldWideMarkets . on Sep 20, 2013 2:38:00 AM
As discussed yesterday, emerging market and risk currencies got a trading bid in September ahead of the Fed. After the Fed it was just risk on and the trend remained intact but more pronounced. The top five performers against the dollar of the 36 most actively traded pairs after the Fed’s shock decision were the Brazilian real, trading up 9.2 percent from 5.9 percent pre Fed, New Zealand dollar, up 9 percent from 6.8 percent a day before, the South African rand, up 7.2 percent compared with 5.3 percent, the Australian dollar now up 7 percent in September from 5.2 percent pre Fed, and  the Mexican peso up 6.3 percent from 3.6 percent the day before. The Indian rupee also jumped to a gain of 6.1 percent for the month from 3.7 percent before the Fed. Basically everything got a 3 percent boost or return against the dollar. FX markets are never dull. At the other end of the 36 most actively traded pairs the trend was the same. Worst performing were the Canadian dollar, now down 3.2 percent for September versus 2.3 percent a day earlier, the Indonesian rupiah down 3.2 percent versus 4.6 percent 24 hours earlier, the Argentinian peso down 1.4 percent versus 1.1 percent, and the Japanese yen, down 0.7 percent this month compared with 1 percent for September pre Fed. The Chinese yuan was still little changed at best or worst. trading the dollar

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