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USDBRL Rebounds To Session Highs, Eletrobras Privatization Law In Focus

BRAZIL
  • BRAZIL PROSECUTOR-GENERAL OPINION ON ELETROBRAS IMPORTANT: GOVT (BBG)
  • This headline follows news late on Wednesday that indicated the Prosecutor-General had issued a favourable opinion on the government's complaint against the eletrobras privatization law.
  • The privatization law limits the Government’s voting rights to 10%, regardless of the current stake of 42%. The complaint goes now to the Supreme Court, where the rapporteur is Minister Nunes Marques, appointed by former president Bolsonaro. Reversing this rule could lead to government controlling Eletrobras again, a major drawback to the privatization process.
  • USDBRL has been assisted by the broad retracement for the greenback and has now reversed the entirety of the day’s initial losses. Potential risks surrounding the above may be exacerbating the most recent rebound for the pair. Importantly, USDBRL now trades within close proximity of the aforementioned pivot resistance around the 5.00 mark. Further strength would reinforce bullish conditions and potentially expose 5.1277, the May 31 high.
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