The USD/BRL gathered momentum in Tuesday’s session after the BRL decline after the release of the Brazilian inflation figures from August. On the USD
side, it is recovering ground after trading soft on Monday while markets seem cautious ahead of Wednesday’s inflation readings from the US.
The Instituto Brasileiro de Geografia e Estatistica revealed that the IPCA inflation advanced 0.23% MoM and matched expectations. Monetary Policy Committee , and markets are expecting the bank to cut further the target rate next week by 50 basis points to 12.75% which could exacerbate the downside for the Brazilian currency.
On the other hand, the USD is trading firm against its rivals, driven by a cautious market mood and US Treasury yields remaining high. That being said, Wednesday’s Consumer Price Index figures will be crucial for the Greenback’s and bond price dynamics as they will play a big rol in modelling expectations of the next Federal Reserve decisions.
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