Business · Markets · 1 hr ago

Brazilian mini-dollar futures extend losses as real strengthens

Brazilian mini-dollar futures extend losses as real strengthens

Brazil’s November mini-dollar futures fell 0.51% to 5,013 points in the latest session described, extending a recent decline.

The move came as the Brazilian real strengthened and the spot dollar fell 0.76%, ending at 4.9856 reais and down 4.44% for the week.

In Brazil, election polls reduced risk premiums in interest-rate markets and supported the Ibovespa, while inflation rose more than expected.

Traders are watching whether the contract can hold near or below 5,000 points, with fiscal expectations and future interest rates also likely to influence trading.

A fall through support at 5,005 to 4,995.5 points could bring further declines, first toward 4,968.5 to 4,961.5 points.

A recovery would need to break resistance around 5,023 to 5,052 points, while the daily chart analysis identifies 5,052 to 5,083 as an initial hurdle; an indicator near oversold levels leaves room for a bounce but does not confirm a reversal.

What people are saying

Rodrigo PazMarket analyst
Para que o movimento de baixa prossiga, será necessária a entrada de volume vendedor capaz de romper o suporte em 5.005/4.995,5 pontos.
via InfoMoney

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