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USDBRL Reverses Gains As More Analysts Call For More Aggressive Hikes

BRAZIL
  • Latest: *BOLSONARO ARRIVES AT ECONOMY MINISTRY TO TALK TO PAULO GUEDES (BBG)
  • USDBRL retracing earlier gains in recent trade and some relief for the DI curve.
  • The currency pair has bridged the gap to yesterdays close, briefly turning negative on the day.
  • The 5.7542 high matched closely with the Apr 13 high of 5.7558 and becomes a more significant level of resistance going forward.
  • As mentioned, the COPOM decision will be due next Wednesday, where throughout Friday, the likes of BTG and Morgan Stanley have joined other institutions in forecasting a 150 bps hike to the Selic rate – against prior consensus estimates for a continued pace of 100bps.
  • As usual the MNI full preview with analyst views will be published early next week.
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