MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

MNI BRIEF: Market Cash Rate Pricing Off - RBA Minutes

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

China Repo Rates Rise On Tuesday

CHINA PBOC CONDUCTS CNY149.1 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1325 TUES VS 7.1415

Headline Consumer Sentiment Softens, House Price Expectations Rise Further

EZ/UK Bond Supply Calendar: Finland Syndi; Green Bunds Due Tues

CBRT Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Price Signal Summary: USDBRL Resumes Its Downleg And Probes Key Support

LATAM FX
  • USDMXN traded higher yesterday and remains in a short-term corrective cycle. The trend outlook iss bearish. This follows the sell-off since Nov 26 that established a sequence of lower lows and lower highs. Attention is on 20.2517, Nov 9 low and 20.1196, Oct 26 low. The latter is a key support. Note however that the pair has today probed resistance at 20.7603, Jan 6 high. A clear break of this hurdle is required to highlight the possibility of a stronger reversal that would open 20.9954 initially, 61.8% of the downleg between Nov 26 and Jan 18.
  • USDBRL continues to weaken. Price is again challenging 5.3885, the Nov 11 low. A clear break would open 5.3249, 50.0% of the Jun - Oct rally last year. Tuesday’s move lower and the subsequent follow through means the pair remains below key short-term resistance at 5.5823, Jan 18 high. An initial firm resistance has also been established at 5.5245, the Jan 24 high. A break above this level would ease bearish pressure.
  • The USDCLP trend direction remains down. Attention is on support at 788.22, the Nov 10 low ahead of 783.23, the 50.0% retracement of the May - Dec 2021 upleg. Recent weakness resulted in a break of trendline support on Jan 5, drawn from the May 10, 2021 low and a break of the 50-day EMA on Jan 7. The extension lower reinforces a clear bearish theme. Initial firm resistance is seen at 820.21 the 20-day EMA.
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.