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BRAZIL: CIBC Continue to Favour Buying USDBRL Dip, Target 6.10

BRAZIL
BulletEM BulletEmerging Market News
  • Although reiterating that a restrictive monetary policy is needed, the Copom minutes continue to support that the BCB will likely start reducing the magnitude of its rate hikes in May, according to CIBC.
  • They reiterate their caution over jumping into BRL’s attractive carry at current levels, also expecting external risks to persist and fiscal headlines to reappear with congress out of recess.
  • CIBC continue to favour buying USDBRL on this current dip and have now attached a target for the trade of 6.10. Previously, CIBC said without positive news on the fiscal front, they expected USDBRL to remain in a wide 5.90-6.30 range for most of Q1.
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  • Although reiterating that a restrictive monetary policy is needed, the Copom minutes continue to support that the BCB will likely start reducing the magnitude of its rate hikes in May, according to CIBC.
  • They reiterate their caution over jumping into BRL’s attractive carry at current levels, also expecting external risks to persist and fiscal headlines to reappear with congress out of recess.
  • CIBC continue to favour buying USDBRL on this current dip and have now attached a target for the trade of 6.10. Previously, CIBC said without positive news on the fiscal front, they expected USDBRL to remain in a wide 5.90-6.30 range for most of Q1.