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BRAZIL: BRL Little Changed Despite Haddad’s Commitment to Fiscal Measures

BRAZIL
BulletEM BulletEmerging Market News
  • The Brazilian real is little changed on the session around 6.05 amid the ongoing rhetoric from Finance Minister Haddad. He suggests that the markets have the right to criticise, but he does not agree with the reaction to fiscal measures already announced.
  • Furthermore, Haddad’s pledge that the administration could seek new solutions, if necessary, has also had minimal impact on the local currency.
  • Overall, the USDBRL bull cycle remains in play and the pair is trading just below its recent highs. The latest rally confirms a resumption of the uptrend and sights are on 6.1460 and 6.1831, the 2.3820 and 2.50 projection points of the Aug 19 - 30 - Sep 19 price swing. First support moves up to 5.8587, the 20-day EMA.
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  • The Brazilian real is little changed on the session around 6.05 amid the ongoing rhetoric from Finance Minister Haddad. He suggests that the markets have the right to criticise, but he does not agree with the reaction to fiscal measures already announced.
  • Furthermore, Haddad’s pledge that the administration could seek new solutions, if necessary, has also had minimal impact on the local currency.
  • Overall, the USDBRL bull cycle remains in play and the pair is trading just below its recent highs. The latest rally confirms a resumption of the uptrend and sights are on 6.1460 and 6.1831, the 2.3820 and 2.50 projection points of the Aug 19 - 30 - Sep 19 price swing. First support moves up to 5.8587, the 20-day EMA.