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USDBRL Maintains Softer Tone, BCB Chief Interview Scheduled

BRAZIL
  • Despite an uptick at the open, USDBRL maintains a softer tone and trades close to recent lows again, following last week’s break of 4.8590 support, the Nov 7 low. The move lower confirms a resumption of the current downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle. Initial firm resistance is at 4.9535, the Nov 10 high.
  • BCB President Roberto Campos Neto will take part in an event hosted by Arko Advice in Brasilia at 1400ET. He will also be interviewed by Bloomberg TV at 1700ET, after the local markets close. Separately, the Treasury will auction inflation-linked bonds maturing in 2028, 2040 and 2060; note the 5-year inflation breakeven dropped below 5% and is very close to YTD low.
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