Brazil Morning Call for Wednesday, April 15, 2026
Historic: Real Breaks Below R$5.00 for First Time Since 2022 — Ibovespa Posts 5th Straight ATH at 198,657
Today’s Brazil morning call opens with a milestone that redefines the macro landscape for Latin America’s largest economy. This is part of The Rio Times’ daily Brazil Financial Morning Call, covering Latin American financial markets.
The USD/BRL collapsed below R$5.00 on Tuesday for the first time since 2022 — a level that was unimaginable just weeks ago when the war premium had pushed the pair above R$5.25. The chart confirms: O:4.9864, H:4.9864, L:4.9837, C:4.9837 (−0.05%). RSI at 39.43 (MA: 29.01) — the moving average is in the deepest oversold territory of the entire rally, signaling extreme BRL strength. This is not a blip; it is a structural revaluation of Brazil’s currency, driven by the 14.75% carry, surging commodity exports, and the market’s verdict that Brazil is the premier safe-haven play in emerging markets.
The catalyst was twin-powered. First, March PPI came in dramatically cooler than expected: headline +0.5% MoM (vs +1.1% consensus) and +4.0% YoY (vs +4.6% cons). Core PPI was even better at +0.1% MoM (vs +0.4%) and +3.8% YoY (vs +4.1%). The goods-driven surge (energy +8.5%, gasoline +15.7%) was offset by services prices that were completely flat. Second, deal optimism intensified after VP Vance described “a lot of progress” in initial Iran talks and Pakistan is arranging a second round of negotiations. Oil tumbled to ~$91.66. The S&P 500 surged 1.18% to 6,967 — less than 1% from its all-time high of 7,002. The Nasdaq jumped 1.96% to 23,639, extending its winning streak to 10 days — the longest since 2021. The Ibovespa closed at 198,657 (+0.33%) for a fifth consecutive ATH, reaching 199,355 intraday — teasing the 200,000 psychological milestone.
Wednesday is quieter on data but rich in implications. Retail Sales (08:30 ET, cons: +0.1%), Industrial Production (09:15, cons: +0.1%), Empire State Manufacturing (08:30, cons: −5.0), and NAHB Housing Market Index (10:00, cons: 35) round out the domestic picture. Bank earnings continue: Bank of America, Morgan Stanley. The ceasefire clock ticks: 6 days remain before the April 21 expiration. The blockade continues but without military escalation. War Day 46.
Three Things That Matter
| Tuesday | S&P 500 +1.18% to 6,967 (less than 1% from ATH 7,002). Nasdaq +1.96% to 23,639 (10th consecutive win — longest since 2021). Dow +0.66% to 48,536. Russell 2000 +1.32%. Semis hit new ATH (SOX 10th straight up). Dow Transports record above 21,000. PPI COOL: headline +0.5% MoM (vs +1.1% cons), +4.0% YoY (vs +4.6%). Core +0.1% (vs +0.4%), +3.8% (vs +4.1%). Services prices flat. NFIB dropped to 95.8 (11-month low). JPMorgan beat but cut NII guidance (shares −). Citigroup revenue +14%, NI +42% (beat). Wells Fargo missed (−5%). WTI fell to ~$91.66. Oil down on deal hope + cool PPI. Vance: “a lot of progress” in Iran talks, open to further rounds |
| BRL Milestone | USD/BRL BROKE BELOW R$5.00 — first time since 2022. Chart: O:4.9864, H:4.9864, L:4.9837, C:4.9837. RSI at 39.43 (MA: 29.01 — deepest oversold of rally). The real has appreciated ~10% from its March war-era peak near R$5.43. Drivers: 14.75% Selic carry (highest real rate in EM), commodity export revenues, ceasefire/deal optimism, cool inflation data globally, BRL as EM safe haven. Ibovespa hit 5th consecutive ATH at 198,657 (intraday 199,355). The R$5.00 break fundamentally changes the imported inflation calculus and reopens the BCB’s policy flexibility for the April 28 meeting |
| Today | BRL IGP-10 Inflation (07:00 BRT). BRL Retail Sales (08:00, cons: +1.0% MoM / +1.2% YoY). Empire State Mfg (08:30 ET, cons: +0.30). Import Prices (08:30, cons: +2.3%). Fed’s Barr (08:30). NAHB Housing (10:00, cons: 37). EIA Crude Inventories (10:30, cons: +2.1M). BRL FX Flows (13:30). Fed’s Bowman (13:45). Fed Beige Book (14:00 — first blockade-era district assessment). ECB Lagarde (15:30), Schnabel (16:00). TIC Flows (16:00). China Q1 GDP overnight (22:00, cons: +4.8%). BofA, Morgan Stanley earnings. Ceasefire Day 8 — 6 days to expiration. Blockade Day 3. War Day 46 |
Where We Left Off TUESDAY, APR 14 — SESSION CLOSE
Tuesday delivered the data the bulls were waiting for. March PPI came in dramatically cooler than feared: headline +0.5% MoM versus the +1.1% consensus, with the year-over-year rate at +4.0% versus +4.6% expected. Core PPI was even better — +0.1% MoM (vs +0.4%) and +3.8% YoY (vs +4.1%). The composition told the story: the goods sector surged 1.6% on energy (+8.5%, gasoline +15.7%), but services prices were completely flat. The oil shock hit producers at the wholesale level, but it did not spill into the broader service economy. This is the most significant piece of evidence yet that the war’s inflation impulse may be transitory — concentrated in energy, not embedded in core costs.
The market’s response was unequivocal. The S&P 500 surged 1.18% to 6,967.38 — now less than 1% from its all-time high of 7,002.28 set on January 28. The Nasdaq jumped 1.96% to 23,639 for its 10th consecutive winning session — the longest streak since 2021. Semiconductors hit all-time highs. Dow Transports broke through 21,000 for the first time. Oracle added 4.7% on top of Monday’s 12% surge. The war’s losses have been fully erased and then some. Goldman Sachs’ Cole and Marshall noted that only the U.S. Fed is still expected to cut rates this year among G10 economies — the ceasefire “leaves financial conditions looser” despite the blockade.
Bank earnings were mixed but didn’t slow the momentum. JPMorgan beat on Q1 results but cut its net interest income guidance — shares dipped marginally. Citigroup posted revenue +14% and net income +42%, beating estimates handily. Wells Fargo disappointed and fell 5%. The overall message: banks printed strong trading revenue from war-era volatility, but the outlook for traditional banking remains cautious. As covered in yesterday’s Morning Call, the market is looking through the war and pricing earnings strength. The S&P 500’s forward earnings estimate rose to $339.22 — the highest of the cycle.
Market Snapshot DATA AS OF TUE, APR 14 CLOSE
| Indicator | Close / Level | Change |
|---|---|---|
| Ibovespa | 198,657 | +0.33% (5th ATH) |
| USD/BRL | R$4.9837 | BELOW R$5.00 ✦ |
| S&P 500 | 6,967 | +1.18% (near ATH) |
| Nasdaq | 23,639 | +1.96% (10th win) |
| Dow | 48,536 | +0.66% |
| WTI Crude | ~$91.66 | −7% (from Mon) |
| Gold | ~$4,849 | +3.1% |
| Bitcoin | $74,018 | −0.22% |
| PPI (Mar) | +0.5% MoM | Big miss (vs +1.1%) |
| VIX | 18.36 | −3.97% |
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Brazil Morning Call — Live Board
-0.32%
172,812.43
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66,125.27
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10,957.23
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3,281,489
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56,620.35
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 172,812.43 | -0.32% | +28.97% | 173,371.35 | 173,720 | 172,219 | — |
| USD/BRL | 5.07 | -0.40% | -9.10% | 5.09 | 5.09 | 5.07 | — |
| EUR/BRL | 5.78 | -1.21% | -10.75% | 5.85 | 5.82 | 5.78 | — |
| SELIC | 14.25% | — | — | — | — | — | |
| BRENT | 90.89 | +1.87% | +31.32% | 89.22 | 91.97 | 87.88 | 35,023 |
| WTI | 84.11 | +1.06% | +25.16% | 83.23 | 85.03 | 81.39 | 215,388 |
| IRON ORE | 161.91 | — | +65.48% | 161.91 | 161.91 | 1 | |
| GOLD | 4,075 | +1.61% | +19.78% | 4,010 | 4,088 | 4,003 | 104,654 |
| SILVER | 59.10 | +4.04% | +51.13% | 56.80 | 59.55 | 56.38 | 32,284 |
| LITHIUM | 69.24 | +3.47% | +62.92% | 66.92 | 69.35 | 68.35 | 217,922 |
| SOY | 1,224 | -0.18% | +20.57% | 1,226 | 1,230 | 1,217 | 110,163 |
| CORN | 476.00 | +5.90% | +17.89% | 449.50 | 476.50 | 469.00 | 128,191 |
| WHEAT | 677.50 | +0.52% | +24.94% | 674.00 | 678.75 | 665.25 | 49,691 |
| COFFEE | 323.90 | -3.14% | +8.97% | 334.40 | 335.40 | 320.75 | 14,009 |
| SUGAR | 14.90 | +0.54% | -8.98% | 14.82 | 14.97 | 14.76 | 43,761 |
| ORANGE JUICE | 146.05 | -0.92% | -55.38% | 147.40 | 149.90 | 143.65 | 335 |
| COTTON | 80.03 | +3.44% | +20.27% | 77.37 | 81.75 | 79.75 | 9,915 |
| BEEF | 223.00 | -1.56% | -0.99% | 226.52 | 224.68 | 221.98 | 16,866 |
| CATTLE | 345.28 | -1.91% | +5.40% | 352.00 | 348.05 | 343.20 | 6,478 |
| COCOA | 5,606 | +1.56% | -31.27% | 5,520 | 5,733 | 5,405 | 19,018 |
| PETR4 | 41.56 | +1.00% | +33.91% | 41.15 | 41.67 | 41.13 | 17,549,200 |
| VALE3 | 72.35 | +0.58% | +29.10% | 71.93 | 72.97 | 71.57 | 7,350,300 |
| SUZB3 | 41.63 | -0.62% | -18.37% | 41.89 | 42.01 | 41.59 | 1,055,000 |
| KLABIN | 17.45 | -0.17% | -6.06% | 17.48 | 17.51 | 17.36 | 903,000 |
| SLCE3 | 13.61 | +0.29% | -15.36% | 13.57 | 13.76 | 13.54 | 615,500 |
| ABEV3 | 15.83 | +0.25% | +17.96% | 15.79 | 15.88 | 15.74 | 7,985,300 |
| ITUB4 | 42.38 | +0.19% | +23.03% | 42.30 | 42.56 | 42.18 | 5,573,200 |
| BBDC4 | 18.51 | +0.54% | +18.05% | 18.41 | 18.54 | 18.35 | 11,339,300 |
| BBAS3 | 20.65 | +2.38% | +4.03% | 20.17 | 20.69 | 20.08 | 13,133,800 |
| B3SA3 | 15.11 | -0.98% | +15.42% | 15.26 | 15.32 | 14.95 | 18,339,900 |
| WEGE3 | 42.63 | -1.16% | +1.64% | 43.13 | 43.34 | 42.50 | 4,924,400 |
| PRIO3 | 58.67 | +1.70% | +37.23% | 57.69 | 58.96 | 58.11 | 2,534,100 |
| RENT3 | 36.60 | -2.37% | +2.18% | 37.49 | 37.51 | 36.58 | 3,566,100 |
| AZZA3 | 17.81 | -1.98% | -49.87% | 18.17 | 18.27 | 17.56 | 778,700 |
| CSNA3 | 5.11 | +0.79% | -36.17% | 5.07 | 5.16 | 5.05 | 4,494,000 |
| GGBR4 | 23.69 | +0.30% | +42.18% | 23.62 | 23.77 | 23.42 | 1,756,500 |
| ENEV3 | 25.37 | -1.09% | +83.84% | 25.65 | 25.66 | 25.12 | 1,663,000 |
| LREN3 | 13.19 | -0.90% | -24.44% | 13.31 | 13.41 | 13.12 | 3,601,900 |
What to Watch WEDNESDAY CATALYSTS
Wednesday’s data calendar tests whether the consumer and production side confirm the PPI’s cooling narrative. Retail Sales at 08:30 ET (cons: +0.1%) will show whether the consumer is buckling under $4+ gas prices or holding up on strong employment. Empire State Manufacturing (cons: −5.0) captures New York factory sentiment under the blockade and tariff regime. Industrial Production at 09:15 (cons: +0.1%) shows whether factories maintained output despite the oil shock. The NAHB Housing Market Index (cons: 35) reflects builder confidence with mortgage rates above 6.5%.
Bank earnings continue with Bank of America and Morgan Stanley. BofA’s results will show the mass-market banking picture — consumer credit quality, loan demand, and the mortgage pipeline. Morgan Stanley will reveal whether the war-era trading bonanza extended across all bulge brackets. The Ibovespa teased 199,355 on Tuesday — the 200,000 psychological barrier is the obvious target, and a Wednesday push toward it would be the capstone to the most extraordinary run in the index’s modern history.
The ceasefire clock continues: 6 days to the April 21 expiration. Pakistan is attempting to arrange a second round of talks. The blockade is in its third day without military escalation. Vance described “a lot of progress” and left a deal on the table. The market is pricing a permanent de-escalation — the risk is that the ceasefire simply expires without renewal. Oil at $92 is the lowest since before the war’s second phase of escalation. If it holds below $95, the entire inflation narrative shifts structurally.
Ibovespa Setup TECHNICAL LEVELS
The Ibovespa posted its fifth consecutive ATH. Chart: O:198,001, H:199,355, L:198,001, C:198,657 (+0.33%). RSI at 73.22 (MA: 61.25) — the highest reading of the rally, deep in overbought territory. MACD histogram at 3,899 (MACD: 2,373.41, signal: 1,525.74). The index touched 199,355 intraday — just 645 points from the 200,000 psychological milestone. The 200-day SMA at 157,860 is now over 25% below the current price.
Resistance: 198,657 (Tuesday close / new ATH) → 199,355 (intraday ATH) → 200,000 (psychological — historic milestone if breached).
Support: 195,886 (mid-range) → 192,638 (upper SMA vicinity) → 192,284 (prior ATH cluster) → 189,741 (mid-Bollinger) → 187,197 / 187,197 (SMA cluster) → 186,721 (20-day) → 185,727 (lower range) → 173,793 (lower Bollinger) → 157,860 (200-day).
Economic Calendar WEDNESDAY, APR 15
| Time | Event | Impact |
|---|---|---|
| Pre-Market | India WPI Inflation (cons: 3.0%). French CPI (cons: +0.9% MoM / +1.7% YoY). French HICP (cons: +1.9% YoY). Eurozone Industrial Production (05:00, cons: +0.3% MoM / −1.0% YoY). India Trade Balance (05:00, cons: −$32.75B). German 30Y Bund Auction (05:30). India CPI (06:30, cons: 3.48%). IMF Meetings Day 3 | MEDIUM |
| 07:00–08:00 BRT | BRL IGP-10 Inflation (07:00, prev: −0.2%). MBA Mortgage Applications (07:00 ET, prev: −0.8%). BRL Retail Sales (08:00, cons: +1.0% MoM / +1.2% YoY). Domestic demand and inflation reads for BCB framework ahead of April 28 | HIGH |
| 08:30 ET | NY Empire State Manufacturing (cons: +0.30, prev: −0.20). Import Price Index (cons: +2.3% MoM / +2.0% YoY). Export Price Index (cons: +1.5% MoM). Fed Vice Chair Barr speaks (08:30). Canada Manufacturing Sales (cons: +3.8%) and Wholesale Sales (cons: +2.3%). Trade price pass-through + manufacturing sentiment reads | HIGH |
| 10:00–10:30 ET | NAHB Housing Market Index (10:00, cons: 37, prev: 38). Peru GDP (11:00, cons: +3.10%). EIA Crude Oil Inventories (10:30, cons: +2.1M, prev: +3.081M). Cushing inventories, refinery runs, gasoline/distillate stocks. Inventory build pace under blockade — critical supply read | HIGH |
| 13:30–16:00 ET | BRL FX Flows (13:30 BRT). Fed’s Bowman speaks (13:45). Fed Beige Book (14:00 — first anecdotal assessment of blockade/war impact across Fed districts). BoE Gov Bailey (11:50, 14:00). ECB Lagarde (15:30). ECB Schnabel (16:00). TIC Net Long-Term Transactions (16:00, cons: $36.6B). Central bank commentary day — Bowman + Beige Book + Lagarde + Schnabel | HIGH |
| 22:00 ET | China Q1 GDP (cons: +4.8% YoY / +1.4% QoQ). China Industrial Production (cons: +5.3% YoY). China Retail Sales (cons: +2.5% YoY). China Unemployment (cons: 5.2%). China Fixed Asset Investment (cons: +2.0%). Full macro data dump from world’s second-largest economy — Hormuz impact on Chinese growth | HIGH |
Copom Watch SELIC AT 14.75% · NEXT MEETING: APR 28-29
The BRL breaking below R$5.00 is the most dovish development for the BCB since the war began. A sub-R$5.00 exchange rate compresses imported inflation, reduces the pass-through from any remaining oil premium, and signals massive capital inflows attracted by the 14.75% carry. Combined with Tuesday’s cool U.S. PPI (core at +0.1% vs +0.4% expected), the global inflation narrative is shifting from “structural” to “energy-concentrated.” Goldman’s economists noted that only the Fed is still expected to cut rates this year — but the PPI data now strengthens the cut case.
For the April 28 Copom meeting, the calculus has materially improved. BRL below R$5.00 + oil at $92 + core PPI flat + IPCA at 4.00% = a hold at 14.75% with dovish forward guidance is the base case. A cut at the April meeting remains unlikely — the ceasefire expires April 21 and the uncertainty premium demands patience. But the BCB can now credibly signal that June or August cuts are on the table, particularly if the ceasefire extends and oil stays below $95. The NFIB’s drop to 95.8 (11-month low) adds the global growth deceleration argument that supports eventual easing. The R$5.00 break is the BCB’s gift — it buys time while the carry trade does the tightening work.
Latin America Markets TUESDAY CLOSE / CHART DATA
| Index | Close | Change | RSI (14) | Signal |
|---|---|---|---|---|
| Ibovespa | 198,657 | +0.33% | 73.22 | Overbought |
| IPC (Mexico) | 68,941 | −0.94% | 52.65 | Neutral |
| COLCAP (Colombia) | 2,359 | +0.52% | 53.40 | Neutral |
| IPSA (Chile) | 11,336 | +1.83% | 68.09 | Bullish |
| MERVAL (Argentina) | 2,950,635 | −1.38% | 57.57 | Neutral |
Chile’s IPSA stole the regional spotlight, surging 1.83% to 11,336 with RSI jumping to 68.09 — approaching overbought territory for the first time in the ceasefire rally. The copper-heavy index is benefiting from the risk-on rotation and lower oil costs for the import-dependent economy. Colombia’s COLCAP continued its blockade-era rally to 2,359 (+0.52%) as higher oil prices support the economy’s petroleum exports. Mexico’s IPC fell 0.94% to 68,941, lagging the region as the peso-sensitive index faces headwinds from blockade uncertainty and tariff concerns. Argentina’s MERVAL dropped 1.38% to 2,950,635, falling well below the 3 million level as the CPI print (reported at +3.0% / +32.2% YoY) failed to inspire confidence in the disinflation narrative. The Ibovespa’s RSI at 73.22 now leads Chile’s 68.09 by over 5 points — both are in or approaching overbought territory, while the rest of LatAm remains neutral. As covered in the latest Ibovespa market report, the BRL’s break below R$5.00 is the most significant FX development in the region since the war began.
Commodities & FX KEY MOVES
Oil continued its dramatic decline, settling at ~$91.66 — down 7% from Monday and down over 20% from last week’s blockade-day spike to $105. The cool PPI + Vance’s deal optimism + the blockade targeting only Iranian ports (not full Strait closure) all contributed. WTI at $92 is now within striking distance of the pre-ceasefire levels that prevailed in mid-March. If second-round talks materialize and the ceasefire extends, $85-90 becomes the target. The IEA Monthly Report on Tuesday reinforced the supply concerns but also noted demand destruction at current prices.
USD/BRL broke the R$5.00 barrier — the most significant FX milestone for Brazil since mid-2022. Chart: O:4.9864, H:4.9864, L:4.9837, C:4.9837 (−0.05%). RSI at 39.43 (MA: 29.01) shows the pair in extreme oversold territory on the moving average, suggesting the move has been fast and deep. The MACD is bearish at −0.0219 (signal: −0.0381, MACD: −0.0600). The real has appreciated approximately 10% since the March war-era peak near R$5.43. The structural drivers are overwhelming: 14.75% carry (real rates among the highest in EM), commodity export revenues at record levels, global capital rotating into Brazil as the safest high-yield EM play, and the ceasefire-driven risk appetite. If the R$4.98 level holds, the next targets are R$4.90, then R$4.80.
Gold surged 3.1% to ~$4,849 — its best day in weeks — as the cool PPI data strengthened the rate-cut narrative and drove real yields lower. The dollar weakened, further supporting bullion. Bitcoin held near $74,018 (chart: O:74,183, H:74,818, L:73,915, C:74,018, −0.22%) with RSI at 60.54 (MA: 54.81) — healthy bullish momentum above $72K support.
Risk Map BULL vs BEAR
| Bull Case | Bear Case |
|---|---|
| The transitory thesis is validated — PPI services flat destroys the structural inflation argument — Core PPI at +0.1% (vs +0.4% expected) with services completely unchanged means the oil shock is energy-concentrated, not economy-wide. This is the single most important data point for rate-cut expectations since the war began. If April PPI confirms the pattern, the Fed cuts in June or July. For Brazil, the BCB has even more room.
The S&P 500 at 6,967 is testing ATH — if 7,002 breaks, the rally accelerates — Nasdaq’s 10-day streak (longest since 2021), semis at ATH, Transports at ATH — the breadth is exceptional. Earnings at +12.6% growth with strong bank results provide fundamental support. The market has priced through the war and is now pricing the post-war economic cycle. BRL below R$5.00 triggers a virtuous cycle for Brazil — Stronger BRL → lower imported inflation → BCB flexibility → rate-cut expectations → equity rerating → more capital inflows → stronger BRL. The 14.75% carry is the most powerful attractor in EM. The Ibovespa at 200,000 is not a question of if, but when — possibly today. |
RSI at 73.22 is the most extreme overbought of the entire war — five ATHs is unsustainable — Every previous RSI reading above 70 has preceded a 3-5% correction. The deceleration in gains (+0.33% after five days of rallying) and the approach toward 200,000 psychological resistance creates the setup for a mean-reversion pullback. Even the bulls need a breather.
Six days to ceasefire expiration — and no deal exists — Vance left Islamabad without an agreement after 21 hours. Pakistan is “trying to arrange” another round. Iran’s nuclear demands and Strait control aspirations haven’t changed. If April 21 passes without extension, oil surges back above $100 immediately and the entire PPI-driven optimism reverses. The market is pricing a deal that is hoped for but not secured. NFIB at 95.8 (11-month low) signals small business distress — The cool PPI headline masks real pain. The NFIB drop below its 52-year average of 98.0 means small businesses are struggling with costs, uncertainty, and demand weakness. GDP Q4 at 0.5%, claims at 219K, services employment at 45.2 — the underlying economy is softer than the equity market suggests. If retail sales today miss, the growth-scare narrative rebuilds alongside the fading war premium. |
Positioning BOTTOM LINE
The BRL below R$5.00 is the kind of development that reshapes investment theses. It is not merely a technical level — it is a statement that global capital has decided Brazil is the premier destination in emerging markets during a period of unprecedented geopolitical stress. The 14.75% carry, the commodity exposure, the institutional depth, the geographic distance from the conflict — every structural advantage has compounded into a currency move that few predicted when bombs were falling on Tehran in late February. The last time the real traded below R$5.00, the world was still processing the aftermath of the pandemic, not a Middle Eastern war.
For the Ibovespa at 198,657 — the 200,000 milestone is within intraday reach. Five consecutive ATHs with RSI at 73.22 is the most overbought the index has been in this cycle. The PPI’s cool print provided fundamental validation: the oil shock is energy-concentrated, not structurally embedded, and the rate-cut path is being rebuilt. If the S&P 500 breaks through 7,002 to set its own new ATH, the global risk-on tide lifts all boats — and the Ibovespa catches a double tailwind from U.S. euphoria plus the BRL’s structural bid.
But the technicals demand respect. RSI above 73, five straight ATHs, and the 200,000 psychological barrier ahead — this is where fast money takes profits and the index consolidates. The ceasefire’s 6-day countdown, the blockade’s continued operation, and the absence of a deal all provide the potential catalysts for a healthy pullback. The BCB’s April 28 meeting is now perfectly positioned: R$5.00 BRL + oil at $92 + cool PPI = dovish hold with forward guidance. The cut cycle is being born. The carry trade is winning. And 200,000 is the destination — whether today, this week, or after the ceasefire clock resets.
RT Staff Reporters · This newsletter is for informational purposes only and does not constitute investment advice. Always consult a licensed financial advisor before making investment decisions. Past performance does not guarantee future results.
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