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BRAZIL: 5.37 Support Remains Important for USDBRL

BRAZIL
  • The combination of hawkish BCB murmurings, a stabilisation for Iron Ore prices and the positive risk backdrop all helped USDBRL extend lower on Monday. The pair had previously been consolidating below the 50-day EMA support and conditions allowed a significant selloff to 5.3768 session lows. This level matched closely with 5.3709, the Jul 11 low, and will remain the key short-term technical level of note, before 5.2869, the April highs.
  • The late selloff for oil on Monday may have helped stabilise USDBRL, which saw a small retracement to 5.41 into the close and comments from Campos Neto potentially tempering expectations of a BCB hike might provide some further USDBRL support. 5.50/52 remains a solid technical pivot and will likely act as short-term resistance for the pair.
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