Brazil’s Central Bank cuts benchmark rate by 75 basis points, USD/BRL stays unfazed

Anil Panchal FXStreet

Banco Central do Brasil, the central bank of Brazil, announced 75 basis points (bps) of a rate cut on early Thursday morning in Asia. The outcome was widely anticipated and offered no surprises to the USD/BRL traders.

Having said that, the USD/BRL pair marks a drop from 5.2308 to 5.2291 after the release. It’s worth mentioning that the markets in Brazil are yet to open and may offer a volatile session due to the central bank’s action. However, the major attention will be given to the coronavirus (COVID-19) updates and the US dollar performance will also be the key to follow for immediate reaction.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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