Unfavorable global and domestic conditions pat Brazilian Real
The BRL traded with a weak tone on Wednesday losing around 1.5% vs. the USD. USD-BRL closed at 3.235. Developments in China weighed on the BRL performance throughout the day as this country is Brazil's main trade partner…
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The BRL traded with a weak tone on Wednesday losing around 1.5% vs. the USD. USD-BRL closed at 3.235. Developments in China weighed on the BRL performance throughout the day as this country is Brazil's main trade partner (importer) of iron ore and soybeans.
"In addition, slightly lower than expected inflation for June prompted a better appe-tite for receiving local rates with now the local DI futures curve pricing a probability of around 80% of seeing a 50 bps rate hike from a fully priced level of seeing 50 bps a few weeks back. We still expect the BRL to continue reflecting less favorable global and domestic conditions and thus the possibility of higher USD-BRL cannot be ruled out in the next days", said Commerzbank in a report on Thursday.
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