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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
- 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.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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