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Free AccessUSDBRL Clears 5.00 Level Ahead Of BCB Meeting Tomorrow
- After closing above the 5.00 mark for the first time since late October last year, USDBRL has opened higher again this morning, as focus turns to tomorrow’s Fed and BCB monetary policy meetings. Technical conditions for USDBRL have remained bullish, and this clear break of the 5.00 hurdle initially opens 5.0609 next, 61.8% of the Oct 6 - Dec 27 bear leg. More meaningful resistance resides around the 5.10 level.
- Earlier, the latest BCB Focus survey revealed that economists now expect USDBRL to end the year at 4.95, up from 4.93 in last week’s survey. Inflation forecasts for this year and next also edged higher, while the 2024 real GDP growth estimate rose again to 1.80%, from 1.78%.
- Meanwhile, Finance Minister Haddad is due to attend a seminar on Brazil’s path to decarbonisation from 1200GMT today, before attention turns to tomorrow’s Copom meeting. The BCB is widely expected to cut by another 50bp, bringing the Selic rate down to 10.75%. The focus however will be on the forward guidance, with market participants alert for any tweaks to the statement that provide clues on whether the easing pace could be adjusted in the coming meetings.
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