On Monday, the USD/BRL fell to its lowest level since early September, towards the 5.010 area, down by more than 0.30%. The broad-based USD weakness i
USD/BRL saw more than 0.30% losses and fell to monthly lows. Argentinian left-wing Sergio Massa was unexpectedly the highest-voted candidate in the first-round elections from Argentinaon Sunday. Brazil will release Mid-month inflation data from October on Thursday. Investors await high-tier economic data from the US to continue modelling their expectations on the Fed.
All data points will guide investors in modelling their expectations for the next meetings, and in the meantime, markets are confident that the Fed won’t hike again in 2023 and those dovish bets, makes the USD lose interest. USD/BRL Levels to watch The technical analysis of the daily chart suggests a neutral to bearish stance for USD/BRL as the bears work on staging a recovery and gaining further ground.
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