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Snapshot: BRL Continues Slide As Support Gives Way

LATAM
  • USDBRL broke above the July highs at 5.3130 and failed to look back. Not even the sharp dollar selloff could alter the direction for the pair as political anxieties plague the local currency. With WTI crude falling below $65 a barrel for the first time since May 2021 and risk sentiment waning, this has added to the headwinds for the currency.
    • The break of this hurdle confirms a resumption of the uptrend that started Jun 25 and initially opens 5.3740, May 24 high.
    • Local swap rates rose between 15-20 basis points across the DI curve.
  • USDMXN traded an extremely narrow 19.95-20.03 range as the extremely light data calendar and lack of event risk fails to spark any life into the Peso.
    • USDMXN down 0.06% at 19.9981
    • USDBRL up 1.21% at 5.3575
    • BRLMXN down 1.22% at 3.732
    • JPMorgan EM Ccy Index down 0.23% at 56.095
    • S&P E-Mini Future down 13 points (-0.29%) at 4430.75
    • WTI Crude Oil (front-month) down $1.38 (-2.07%) at $65.18
    • Gold is down $0.29 (-0.02%) at $1785.66
    • Copper Futures down 8.8 (-2.09%) at 411.80
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