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Dollar Strength Pressuring Most Recent Highs In USDBRL

BRAZIL
  • USDBRL gapped higher Monday, but fell short of any challenge on last week's highs of 5.3130. With any further bouts of risk-off this level will likely remain under pressure and a clear breach would bring the 100- and 200-dmas into focus at 5.3606 and 5.3774.
  • With the stabilisation in equity/oil markets, USDBRL opened around 0.25% lower on the day with little domestic news to stir local asset price action. The most recent renewed bid in the dollar, however, is pressuring yesterday's highs at 5.2572. Domestically, the focus remains on the IPCA-15 inflation data due on Friday which will be the final print before the Aug 4 Copom meeting/decision.
  • Brazil's Treasury holds auctions of inflation-linked NTN-B local notes due 2024, 2028 and 2040; treasury sold all of the 1.8m NTN-B contracts it offered on July 13.
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