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USDBRL Within Prior Day's Range, Venezuela Tensions In Focus

BRAZIL
  • USDBRL remains in a contained range since the open, given the lack of domestic drivers and focus on Thursday on the strong moves for the Japanese Yen and Chilean peso. Overall, USDBRL remains in a downtrend and the latest consolidation appears to be a pause in the trend. Resistance at 4.9535, the Nov 10 high, was pierced, however a clear break of this level would be required to ease bearish pressure.
  • Estado has reported that the Brazilian administration sees the relationship with Venezuela in its worst moment ever. Brazil already let Venezuela President Nicolas Maduro know that it will not support any military action in Guiana, even less the violation of Brazil’s territory for the passage of troops.
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