#USDBRL @ 5.31620 USDBRL still seen at 5.30 by year-end – Rabobank
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Investors will likely remain on the defensive regarding Brazil taking into account the transition to a new government after Lula’s triumph, according to analysts from Rabobank. They see USDBRL at 5.30 by year-end.
“Externally, US consumer price positively surprised and increased less than consensus in October, suggest inflation is colling down. The CPI core index also came below the expected. On Friday, China announced measures to relax some measures against Covid. Among the main measures announced, the Chinese government reduced the period of mandatory quarantine for travellers entering the country. And from now on, people who have had contact with carriers of the Covid-19 virus will be isolated for only 5 days, two less than previously required.”
“We still believe the Fed will remain hawkish, the USD will keep its safe haven status, and domestically the transition to a new government will feed defensive positions. We still see the USDBRL at 5.30 by end-22.”
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