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The Brazilian telenovela reaches its conclusion – TDS

FXStreet (Barcelona) - Analysts at TD Securities observe that BRL and RUB have been the big outperformers over the past week in FX space with RUB continuing to rally and BRL giving up some of its gains.

Key Quotes

“In Brazil, markets look ahead to future policy decisions when the new economic team is eventually appointed.”

“RUB has enjoyed a sizeable bounce following its sharp sell off, seemingly unconcerned by rising tensions in East Ukraine.”

“This week RUB has continued to rally, while BRL has given up some of its gains.”

“In line with their rallying currencies, both Russian and Brazilian CDS tightened the most over the past week.”

“In Brazil the markets are being kept on tenterhooks awaiting the new economic team. We expect the market to respond well to the expected appointments, but over the longer term, we remain bearish BRL.”

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