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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.
BRAZIL
- The 5.00 mark for USDBRL continues to act as a key pivot for the pair, capping the price action well during Tuesday’s trading session. Buoyed by the broader improvement of risk sentiment linked to China’s RRR cut overnight, the Real extended its most recent recovery to around 4.92/usd, where it has been consolidating today.
- Assisting the greater optimism for the local currency, Brazil’s VP Alckmin explaining that the negative market reaction to the industrial plan was based on misinformation might be providing additional BRL support. The aforementioned plan will have no fiscal impact, BNDES director Jose Gordon said in an interview with O Globo.
- Overall, USDBRL’s trend condition remains bearish, with the latest recovery considered corrective. However, the pair has pierced resistance at 4.9771, the Dec 13 high. A clear break of this hurdle would undermine the bearish theme and signal scope for a stronger recovery above the 5.00 handle, towards 5.0696, the Oct 31 high. Initial support lies at 4.9027, the Jan 19 low.
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.
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