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BRL Gains For Sixth Straight Session, Eyes 5.00

BRAZIL
  • Desks reported further strong inflows to BRL following the strong growth figures earlier this week. Combined with clean breaks of the January lows in USDBRL at 5.20 and 5.12, the pair appears to be on course for the December lows just above pivotal and psychological support at 5.00.
  • This represented the sixth straight session of gains for the Real. Comments by the central bank Governor Campos Neto also garnered attention regarding the water crisis:
    • "We are talking about an energy crisis in Brail again, because it´s not raining enough. This has an effect in inflation, in food prices, it is very tied to our mandate", Campos Neto said.
  • This rhetoric may potentially be adding further tailwinds to the local currency as markets not only anticipate further aggressive front-loaded tightening but also adjust expectations for medium-longer term rates.
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