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Free AccessBRL Surges On Lula Comments, MXN Underperforms
- BRL continues to surge as ex-President Lula said he would like to have former Sao Paulo Governor Geraldo Alckmin as his running mate.
- “We have divergences, and different visions of the world but I will not have any problem in making a ticket with Alckmin to win the elections and govern this country,” Lula told local websites on Wednesday, adding that he wishes to forge alliances to win the October vote. (BBG)
- The price action has been exacerbated by a deterioration in technical conditions, evident by USDBRL breaking previous lows as well as the 100-day moving average.
- Additional tailwinds for the Real may be explained by the divergence against the Mexican peso and a break of resistance in BRLMXN above 3.70 (shown below).
- Relative MXN underperformance can largely be attributed to technical factors as USDMXN remains well supported at the 200-day moving average around 20.28, following the significant Peso recovery/rally throughout December and January.
- USDMXN up 0.29% at 20.4713
- USDBRL down 1.83% at 5.4661
- BRLMXN up 2.21% at 3.745
To read the full story
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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.