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USDBRL Revisits April Highs, Approaches Key Resistance At 5.2869

BRAZIL
  • EM FX remains under pressure today amidst the move lower in oil prices and related equity weakness. Despite marginally better than expected Brazil Q1 GDP data earlier, USDBRL is currently up ~0.4% on the session, having earlier touched a high of 5.2759, the highest level since April 19.
  • The finance ministry noted earlier that despite the positive Q1 GDP data (+0.8% q/q; +2.5% y/y), growth is expected to slow in Q2 due to the flooding in Rio Grande Do Sul and uncertainty remains over the full-year estimate.
  • For USDBRL, the break of resistance at 5.1969, the Apr 30 high is a bullish development and signals scope for a climb towards 5.2869, the Apr 16 high and the next key resistance.
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