Since reaching a high of nearly 5.1265 on the 31After hitting a low slightly penetrating the 4.7500 depth last Tuesday the USD/BRL did experience a climb higher and on last Friday a mark of 4.8740 was approached. This occurred on the perception that recent U.S economic data, like the U.S GDP, was stronger than expected and sparked the notion the U.S Federal Reserve would have to consider raising interest rates on the 26The ISM Manufacturing Prices reading from the U.S.
The inflation statistics showing manufacturing managers saying prices were slightly lower was a surprise for many, and this caused some weakness in the USD. The USD/BRL reacted with some selling which produced movement from slightly below the 4.8000 ratios to a test around the 4.7600 level. However, this lower price ratio seemed to produce a buying spark later in the day and the USD/BRL climbed incrementally to its current level before closing for the day.
is certainly not going to disappear in the near term; today’s trading will be extremely light because of the U.S. holiday. Traders who insist on taking positions today should use take profit order targets if they want to engage in quick-hitting trades that they do not want to keep overnight. Price targets should not be overly ambitious due to the limited volume within the USD/BRL expected today and into tomorrow. Trading may remain rather muted in the USD/BRL until potentially Thursday.
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Source: FXStreetNews - 🏆 14. / 72 Read more »