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BRL Consolidates Monday’s Rally

BRAZIL
  • USDBRL traded either side of unchanged on Tuesday, following the lofty 3% move lower on Monday.
  • Initial support at the 20-day EMA has been pierced and so the focus turns to support below the average at 5.2511, the Jul 8 low.
  • Overall, trend conditions point north though and moving average studies are in a bull mode condition, reinforcing bullish conditions. Short-term pullbacks are considered corrective. The focus is on 5.5245 next, the Jan 24 high, ahead of the 5.60 handle.
  • National Treasury releases its June debt report. Numbers will be disclosed at 1830BST/1330ET and discussed in a press conference 30 minutes later led by general coordinator of public debt operations, Luis Felipe Vital.
  • Former President and 2022 elections front-runner candidate Luiz Inacio Lula da Silva speaks at live interview 1400BST/0900ET.
  • The threat to the Brazilian Amazon posed by illegal mining is so big that the formal mining industry is trying to get the country’s central bank involved. (Bloomberg)
    • With large companies and non-governmental organizations pushing for a crackdown on unregulated gold flows, central bank chief Roberto Campos Neto pledged to look into ways to improve supervision of bank-authorized buyers, mining institute Ibram said in a statement after meeting with Campos Neto.
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