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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.
BRAZIL
- USD/BRL continued to push lower in yesterday's session, having made an abrupt reversal just below 5.50 last week.
- The cross has returned below the 200 & 100dmas at a rapid tilt this week as Govt pledged more restraint on the fiscal side, commodities continued to recover and markets brushed off softer current account data in yesterday's session.
- Inflation also notched up higher than expected in yesterday's session at 9.30% y/y vs 9.24% exp, fanning concerns of even larger hikes in the pipeline for the BCB should proinflationary pressures remain untethered in August/September.
- Iron ore is up +3.96% in early trading, with price action holding tentatively above the 150 handle, while oil markets see profit taking after three successive days of gains.
- Momentum in the cross remains bearish, with a move below 5.20 opening up the 50dma at 5.1580 and the late July lows at 5.10 below.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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