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Forex Flash: USD/BRL may have found top at 1.89 - BBH

By FXstreet.com,  April 24, 2012, 04:44:00 PM EDT

FXstreet.com (San Francisco) - USD/BRL seems to have found a near-term top at 1.89 with many different factors at play, according to Ilan Solot, Emerging Markets Strategist at Brown Brothers Harriman.

"On the positive side, speculative short BRL positioning [may] be looking a bit stretched," he says. "On the other hand, the government seems to have successfully changed the market perception of the 'line in the sand' for intervention from 1.70 back to 1.80-85. The 1.80 level will be a very hard one to crack even in the context of favourable risk appetite."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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