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USDBRL Bounces To 5.00 Handle, February Industrial Production Data Due

BRAZIL
  • USDBRL closed towards the top of the day’s range on Tuesday around 4.9860. Overall, the pair is consolidating, and technical conditions remain bearish. The pair traded sharply lower last week resulting in a break of key support at 4.9410, the Feb 2 low. This confirms a resumption of the broader bear cycle that started Nov 17 last year. Support now resides at 4.8889, 76.4% of the May - Nov 2022 bull phase.
  • On the data docket today is industrial production data for February, due at 1300BST/0800ET:
    • Feb. Industrial Production M/m, est. -0.2%, prior -0.3%
    • Feb. Industrial Production Y/y, est. -2.1%, prior 0.3%

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