Election Result may Cause Turmoil in Brazilian Real Brazil Elections
closed around the 5.4154 ratio going into the weekend, having crept slightly upwards incrementally on Friday as the day came to an end.
Financial houses do not know the results to elections before they happen, what they do is wager on the potential outcomes like speculators. According to some media reports, conservative politicians with affiliations to current President Jair Bolsonaro did better than anticipated too. Today’s trading in the USD/BRL will be a good barometer of how financial houses interpret the outcome of the election. Retail traders should expect to see wide swings and a steady flow of tests challenging both support and resistance ratios throughout the day.
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