Free Trial

Political Squabbles Reverse Fortune For BRL, Swap Rates Soar

BRAZIL
  • USDBRL with the aggressive short squeeze throughout Thursday's session after initial optimism over the 100bp rate hike was faded and the path of least resistance was higher for the pair.
  • Swap rates continued the climb with the DI curve seen roughly 35 basis points higher from Jan'23 and out.
  • President Bolsonaro continued his verbal attacks, questioning justices Luis Roberto Barroso and Alexandre de Moraes and reiterating fraud in the Brazil electoral system.
  • A special lower house committee rejected a constitutional amendment proposed by the allies of President Jair Bolsonaro that would have required a paper record for every vote cast.

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.