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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
- USDBRL (-0.71%) is trading lower and in the process is approaching the lower extreme of its most recent range. One desk noted on Monday that the pair broke a short-term level at 4.91 in the NY afternoon session, gapping lower under no local headlines with price action suggesting the quick move lower could have been flows going through amid low liquidity.
- BCB minutes this morning have done little to change the dial, although Goldman Sachs did note that “the minutes convey a broadly similar signal to that of the post-meeting statement but were overall just a tad more hawkish/conservative than expected.”
- The trend direction for USDBRL remains down and price action since Nov 16 was considered corrective with resistance between 4.95-5.00 capping the recovery.
- For bears, further weakness will place the focus on 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle. Below here, the year’s lows at 4.6964 will regain attention.
- Central bank’s Campos Neto speaks at 7pm local time at an open event. October economic activity data is scheduled on Wednesday, expected to rise to 1.70% Y/y.
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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