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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.
EM FX
- Momentum in BRL has accelerated in the past two months amid strong improvements in economic activity.
- On the other hand, the classic carry JPY has been gradually depreciating in this risk on environment (JPY tends to depreciate when equity rises).
- BRLJPY has appreciated by over 14% since the middle of April and is currently testing its 21.64 resistance, which represents the 38.2% Fibo retracement of the 17.90 - 27.69 range (2020/2021 high low); a break above that level would open the door for a move up to 22.
- The retracement could be just technical as 14D RSI has been showing that the pair is currently moderately 'overbought' following the strong rally.
Source: Bloomberg/MNI
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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