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Copom Decision/Guidance Provides Initial 0.75% Strength for the Real

BRL
  • USDBRL opening roughly 0.75% lower at 5.13. 5.0550 support had recently been probed and therefore a sustained move below here and the July 29 lows at 5.0416 would confirm bearish conditions. This would signal scope for a deeper short-term pullback and expose 5.00 plus the Jun 25 low of 4.8934 which is a key support.

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