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BRL Under Pressure, Lula Postpones Start Of China Trip

BRAZIL
  • Renewed pessimism across global markets is weighing on the Brazilian real on Friday, in line with the firmer greenback and pressure on the emerging market fx basket.
  • USDBRL short-term conditions remain bullish. Price action on Mar 15 and today highlights a test above resistance at 5.3073, the Feb 10 high and a key hurdle for bulls. This opens 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg, ahead of the 5.4000 handle. Initial support lies at 5.2038, yesterday’s intraday low and just below the 50-day EMA.
  • Worth noting that President Luiz Inacio Lula da Silva is in Alvorada Palace in Brasilia after hospital tests last night, the Presidency’s press office said in a note. Lula has mild pneumonia and will postpone the start of his trip to China until Sunday, according to the statement. It is unclear if this should have any baring on the announcement of the new fiscal framework. Additionally, finance minister Haddad has cancelled his agenda and won't attend event this morning.
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