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USD/BRL: the Brazilian currency just lost 7% of value to the USD

USD/BRL: the Brazilian currency just lost 7% of value to the USD

Information is not investment advice

Virus

If you just make a free search for Brazil news, here is what comes first.

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If you go a bit more into detail, you discover that more than 80% of the ICU bed in all major Brazilian cities are occupied, and patients keep coming. More than 11mln cases and 250,000 mortalities have been recorded in the country since the pandemic began. The current administration under President Jair Bolsonaro appears to be trying to downplay the humanitarian threat which, in combination with a lack of a sound anti-virus strategy, makes even the city governors openly stand against him. A dim outlook is definitely pressing on the Brazilian real.

Politics

In the meantime, Ex-President Lulu da Silva's corruption convictions have recently been annulled. That's worrying not because of "discarded justice" but because this event makes Lulu da Silva able to run for re-election - that may possibly drive Brazil into a further political divide. Which is no good for the Brazilian real. Hence, the depreciation. 

Conclusions

If it goes like this, USD/BRL may well reach 6.00 over the weekend - watch this level as it may send the currency into a downward correction, though. The main thing is that these turbulences make USD/BRL highly volatile - and, hence, potentially profitable.

USDBRLDaily.png

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USD Moves Weird Ahead of CPI

The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.

The NFP Release: One More Punch for USD?

The United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on August 5, 15:30 GMT+3.

The UK Speeds Up Tightening

The Bank of England (BoE) will share its Official Bank Rate and make a statement on monetary policy on August 4, 14:00 GMT+3.

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