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USDBRL Turns Red Amid Greenback Turnaround, Eyes Initial Support

BRAZIL
  • The sharp dollar weakness in the aftermath of the weaker-than-expected US data was most noticeably seen in G10 with the significant near 100 pip reversal lower for USDJPY amid the move lower for front-end US yields.
  • Despite the very limited adjustments for the likes of MXN and CLP, the Brazilian real had a firm reversal following the data. After opening in positive territory and reaching a session high of 4.9013, USDBRL quickly reversed down to 4.8586 lows in the aftermath of the US figures, narrowing the gap with initial support at 4.8416, the Aug 10 low. As mentioned, a break below here would threaten the most recent bullish theme and expose key support at 4.6964, the Jul 28 low.
  • Most recently the FT has reported that President Lula is close to sealing an unlikely alliance with two right-wing parties formerly allied to Bolsonaro, in a move aimed at strengthening the hand of his administration. The deal would cede cabinet posts and potentially other roles in return for support in Congress, where the coalition led by Lula’s Workers’ party does not command a majority.
  • At 1830BST/1330ET, Brazil will report the July Federal Debt Total. The prior reading was 6.19t.
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