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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
- 5.30 has capped the topside in USDBRL again today as markets attach greater significance to the level.
- Multiple highs just shy of 5.30 are now providing strong horizontal resistance ahead of both the 5.3130 July high and the downtrend from the 2021 highs.
- As a reminder, back on July 8, the BCB sold USD 500 million of swaps (announcement made when spot was above 5.30). This was the first intervention since the week of March 10-15 where spot was nearing 5.80.
- USDBRL is broadly unchanged on the day, bucking the trend of overall dollar strength with dollar indices half a percent stronger on the day.
- Any further dollar strength (EURUSD nearing significant level above 1.17) and potential breach of resistance may target 5.3839, the 50% retracement of the entire 2021 high-low price swing.
MNI/Bloomberg
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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