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Market Brief
The political unrest in Brazil kept on pushing the BRL toward fresh 12-year lows verse USD on week to March 20th. The post-FOMC recovery remained limited at 3.1910 as dip-buyers were crowded at levels below 3.20 which becomes a bottom as the political pressures persist. Education minister Comes’ resignation adds to political pressures in the country, as the freshly re-elected President Rousseff and the government are under the spotlight for corruption scandal on Petrobras. Proposal on anti-corruption will be presented today, while we see the angry crowds being hardly satisfied on any proposal and stand ready for renewed street protests over the weekend. Traders will certainly be reluctant to hold long-BRL positions over the week-end, hence we should see speculative BRL-longs closing before the weekend and sustain the current BRL weakness.
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