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USDBRL Eyeing Yesterday’s Highs Amid Dampened Mood

BRAZIL
  • USDBRL opened marginally lower but has immediately bounced back and may look to continue its steep ascent from Thursday in the face of prolonged broad greenback weakness. The pair rose just under 4% and briefly eclipsed the post-election highs above 5.40 which it is now testing once more.
  • Furthermore, markets saw severe pressure on swap rates with most of the DI curve rising by over 100 basis points amid renewed anxieties relating to the nation’s fiscal trajectory. Assets were given an additional headwind as the latest IPCA inflation data rose above surveyed estimates on Thursday morning, prompting the gap lower at the open.
  • Fresh warnings took place during video conferences with central bankers on Thursday, according to four participants who described economists’ overall mood as pessimistic. The central bank holds quarterly meetings with market participants to hear their views about the economy, usually refraining from making comments.
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