Reuters: US Dollar Report: EMERGING MARKETS-Latam currencies dip as Fed-inspired rally fades

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EMERGING MARKETS-Latam currencies dip as Fed-inspired rally fades Oct 28th 2013, 14:20 Tweet Share this Email Print Reprints Related Topics Currencies » Bonds News » Bonds » Markets » Mon Oct 28, 2013 10:20am EDT RIO DE JANEIRO, Oct 28 (Reuters) - Latin American currencies dipped on Monday as investors put the brakes on a recent rally that had been supported by bets that the U.S. Federal Reserve will signal this week that its stimulus plan will remain in place for longer. The Fed is widely seen keeping the pace of its bond-buying program unchanged at $85 billion per month at the end of its two-day meeting on Wednesday. Expectations that it will not begin withdrawing that stimulus until March 2014 have boosted investors' appetite for risk in the past few days. * The Brazilian real was steady at 2.1874 per dollar, however, supported by a central bank plan to roll over maturing currency swaps, derivative contracts that offer investors protection against a currency depreciation. * Brazil's central bank said it will offer as many as 20,000 swaps on Monday, at the first of three auctions this week to roll over similar contracts that mature on Nov. 1. So far, policymakers have renewed nearly $3 billion of the $8.9 billion of currency swaps that expire early next month. * The Mexican peso dropped 0.2 percent after a rally that also was boosted on Friday by a central bank statement signaling no more interest rate cuts are in the pipeline. Latin America FX prices at 1350 GMT: Currencies daily % YTD % change change Latest Brazil real 2.1874 0.02 -6.74 Mexico peso 12.9000 -0.16 -0.28 Chile peso 507.8000 -0.45 -5.73 Colombia peso 1884.100 -0.08 -6.27 0 Peru sol 2.7590 0.07 -7.54 Argentina peso 5.8900 -0.08 -16.60 Argentina peso 10.0600 0.20 -32.60 Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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