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USDBRL Spiking

BRAZIL
USDBRL breaking yesterday's highs through 5.46. and spiking on latest J&J efficacy headlines. Testing the noted strong resistance between 5.50-5.53 which would also fill the gap from the release of the BCB minutes early Tuesday.
  • Focus turns to Monday's election for Senate and Lower house. The two candidates backed by President Jair Bolsonaro are broadly favoured to prevail and hold the posts for the next two years.
  • Speaker candidate Arthur Lira has been gaining votes even within the party of the outgoing Speaker Rodrigo Maia, who overall support his opponent Rossi.
  • Despite Lira arguing that he will seek a constitutional amendment to protect the fiscal spending cap by allowing expenditure cuts, pressures surrounding the pandemic are showing their teeth
  • USDBRL > 5.50
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