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USD/BRL continues to edge higher.....>

BRAZILIAN REAL
BRAZILIAN REAL: USD/BRL continues to edge higher and now nears the 4.00 level
having broken above yesterday's 3.9636 high. Any recovery above the 4.00 mark
would open the late March high of 4.0158, which was the highest print since
early October. Moves come despite the Lower house committee in Brazil giving the
preliminary thumbs up to the benchmark pensions reform bill yesterday, with
general sentiment toward EMFX weakening somewhat following the Wall Street
opening bell.
-USD/BRL implied vols hold much of their recent gains and the 1m measure still
trades north of 14 points. 
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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