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USDBRL Gains Over 1% Following BCB Split Decision

BRL
  • The BRL loses a little over 1.3% vs, the USD at the open, undoing the majority of May’s move lower following the BCB’s split interest rate decision.
  • USDBRL last deals just below 5.16, with topside focus on key short-term resistance at 5.1969, the Apr 30 high. A break of this hurdle would reinstate a bullish theme for the pair.
  • As a reminder, the Copom decided to cut the Selic rate by 25bps to 10.50%, in line with the view shared by a majority of analysts, although the decision was not unanimous with four members out of nine on the committee voting for a larger 50bp reduction. See our full review of that decision, with a summary of sell-side analyst views, here.
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