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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessAfter opening at an alltime high,....>
BRAZILIAN REAL: After opening at an alltime high, USD/BRL continues to climb,
notching up a new high print at 5.8202 following the larger than expected rate
cut from the Brazilian central bank late yesterday. The BCB cut rates by 75bps
to 3.00%, eyeing further rate cuts down the line although 'not larger than
75bps' as there are limits to the degree of future rate cuts.
- Pressure on the BRL is not only stemming from the BCB, however, with a
congressional package approved yesterday that allows over $120bln in spending
pledges from government as well as allowing the BCB the ability to buy corporate
bonds.
- Political tensions are still running higher, however, after Bolsonaro's
popularity ratings took a dive on his controversial and laissez-faire approach
to tackling the Coronavirus outbreak in Brazil; particularly after sacking his
health minister in mid-April.
- New alltime high in USD/BRL sits at 5.8202, with 5.9300 the immediate upside
target, marking the 123.6% extension of the March-April rally.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.