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Local Asset Optimism Fades Amid Lingering Uncertainties

BRAZIL
  • Initial optimism in both the Real and DI swap rates faded throughout yesterday's session. Estadao reported that Congress is considering voting on a constitutional amendment to include additional expenses to compensate for the president's potential veto of the budget. This, combined with lingering pressures surrounding a probe into the Government's negligence over the pandemic, was enough to change the tides for local asset prices.
  • USDBRL was boosted by filling the gap to Friday April 1st close and extended gains on the session to 1% to briefly trade above 5.74, continuing Friday's sell-off in the Real.
    • Focus turns to a potential break of resistance at 5.8064, Mar 29 high that would confirm a resumption of technical bullish activity.
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