Free Trial

Markets Reopen Following Holiday, Focus On Budget Deadline

BRAZIL
  • Brazil returns from Tiradentes Day.
  • Today marks the deadline for President Bolsonaro to sign the country's 2021 budget. The budget impasse was resolved on Monday as congress approved a bill, however markets remain wary over the potential impact of the final version and the attempt to circumvent the spending ceiling.
  • The Bloomberg dollar index is around 0.2% lower from Tuesday's close and therefor USDBRL will be expected to open broadly in line with levels around 5.56/5.57. Technical conditions show USDBRL remains vulnerable following a potential bearish triangle breakout. The break lower has opened 5.4499, Mar 19 low with the key near-term resistance remaining unchanged at 5.6771, Apr 16 high.

To read the full story

Close

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.