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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
BRAZIL
- The global risk off environment combined with the significant CNY depreciation has been weighing on EM currencies in recent weeks.
- We saw that BRL switched from the top FX performer in Q1 to one of the weakest performing currencies among the EM world in Q2, down nearly 8% against the Dollar since the beginning of April.
- Even though USDBRL rejected the 5.20 resistance yesterday and is currently trading back below its 100DMA (5.16), momentum on the pair remains bullish as market uncertainty remains high.
- Next key level to watch on USDBRL stands at 5.2920 (200DMA).
- On the downside, support to watch stands at 5.0805, which corresponds to the 38.2% FIbo retracement of the 4.59 – 5.8740 range.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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