CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - USDBRL Bulls Remain In The Driver’s Seat

LATAM FX
  • USDMXN has traded sharply this week, as the pair extends the reversal that started May 21. The rally this week cancels a recent bearish theme and has resulted in price trading through 17.5698, 61.8% of the Apr 19 - May 21 downleg. Note that 17.8159, the 76.4% retracement point, has also been cleared. This opens 18.2137, the Apr 19 high. Support to watch lies at 16.9048, the 20-day EMA. Initial support is Tuesday’s low of 17.5462.
  • USDBRL bulls remain in the driver’s seat. This week’s bullish extension reinforces this theme. Yesterday’s gains resulted in a print above key resistance at 5.2869, the Apr 16 high and bull trigger. A clear break of this hurdle would confirm a resumption of the uptrend and open 5.3330, 76.4% of the Nov 17 ‘22 - Jul 28 ‘23 bear cycle. On the downside, initial support to watch lies at 5.1736, the 20-day EMA.
  • A bear trend in USDCLP remains intact and recent bearish price action reinforces current conditions. The latest recovery appears to be a correction - for now. The 20-day EMA has been pierced. The next Important resistance is seen at 928.69, the 50-day EMA. For bears, the break in early May of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, has been pierced. A clear break would open 870.45, the Dec 29 low.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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.