JYNFF - Taper No Tantrum

• The market's reaction to the FOMC statement was going according to our script, with the dollar backing off on a buy rumor sell the fact type of activity until Powell provided an end date for the tapering (mid-2022) before providing a start date (maybe next month).
• Emerging market currencies are also higher as the outcome of the South African central bank, and Turkey central bank meetings are awaited.
• Gold initially extended its rally on the FOMC statement, but the hawkishness saw it reverse from $1787 to about $1765 and today found support near $1760.

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