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BRAZIL: BCB To Offer Up To $3bn In Spot USD Auction On December 26

BRAZIL
BulletEM BulletEmerging Market News
  • Local markets are closed today for the Christmas break, reopening on Dec 26. However, late yesterday, the BCB said that it will auction up to $3 billion on the spot market on Dec 26, in another move to support BRL, which fell by a further 1.75% against the dollar yesterday, closing at 6.1915.
  • In a statement, the central bank said that it would hold the auction from 1215GMT(0715ET) to 1220GMT(0720ET) on Thursday. The move follows around $17bn of spot sales it has already conducted in recent days.
  • For USDBRL, a bull cycle remains in play, with the pair having traded through resistance at 6.1153, the Nov 29 high and bull trigger. Sights are on 6.3406, the 3.00 projection of the Aug 19 - 30 - Sep 19 price swing, and 6.4149, the 3.236 projection. A clear break of support at the 50-day EMA, at 5.8937, is required to signal a short-term reversal.
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  • Local markets are closed today for the Christmas break, reopening on Dec 26. However, late yesterday, the BCB said that it will auction up to $3 billion on the spot market on Dec 26, in another move to support BRL, which fell by a further 1.75% against the dollar yesterday, closing at 6.1915.
  • In a statement, the central bank said that it would hold the auction from 1215GMT(0715ET) to 1220GMT(0720ET) on Thursday. The move follows around $17bn of spot sales it has already conducted in recent days.
  • For USDBRL, a bull cycle remains in play, with the pair having traded through resistance at 6.1153, the Nov 29 high and bull trigger. Sights are on 6.3406, the 3.00 projection of the Aug 19 - 30 - Sep 19 price swing, and 6.4149, the 3.236 projection. A clear break of support at the 50-day EMA, at 5.8937, is required to signal a short-term reversal.