Brazilian Real under fire - USDBRL Macro Outlook
The Brazilian Real remains under fire due to a weakening commodity outlook, continued coronavirus concerns and impacts on LATAM/emerging market assets, revisions in inflationary outlook (down to 3.25% for 2020) and subsequent shifts in future monetary stimulus, high gross debt to GDP (~80%) and continued capital outflow from asset markets.
All within a risk-off climate supporting dollar bids.
We continue to see compelling evidence for a leg higher from a technical perspective with price supported by its 52-Week Moving Average, completion of the first corrective leg and an extension into our macro swing target of 5.00xx. Around a +16.00% move on the cards from here.
We have added buyside exposure across both our macro and directional portfolios.
-------------------------
We look forward to continuing to provide market leading analysis to traders & investors alike across the TradingView platform.
Like, subscribe and leave your comments below!
Until next time,
Portier Capital
Macro Strategy & Portfolio Management
All within a risk-off climate supporting dollar bids.
We continue to see compelling evidence for a leg higher from a technical perspective with price supported by its 52-Week Moving Average, completion of the first corrective leg and an extension into our macro swing target of 5.00xx. Around a +16.00% move on the cards from here.
We have added buyside exposure across both our macro and directional portfolios.
-------------------------
We look forward to continuing to provide market leading analysis to traders & investors alike across the TradingView platform.
Like, subscribe and leave your comments below!
Until next time,
Portier Capital
Macro Strategy & Portfolio Management