Sacha Tihanyi, deputy head of emerging markets strategy at TD Securities, suggest that the failure to hold a CCJ vote last week is evidence that the challenging political landscape in Brazil renders pension reform less likely to be passed before the summer recess. Key Quotes “Sluggish growth, low yields, and hand-wringing over the reform process leave little good near-term news on the horizon for BRL, while equities and fixed income appear to be “priced-to-perfection” insofar as an optimistic pension reform is concerned.” “We expect a middling outcome for the reform, at a net savings in the realm of 650bn-750bn reais over the next 10 years. While we suspect this would be neutral for equities and fixed income, there is more risk premium to be captured in BRL which may present an opportunity in the second half of the year under a neutral-to-constructive reform outcome. Until the expected reform however, we see weakness in the real taking USDBRL back to 4.20.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold plummets to near 4-month lows, slides farther below $1270 level FX Street 4 years Sacha Tihanyi, deputy head of emerging markets strategy at TD Securities, suggest that the failure to hold a CCJ vote last week is evidence that the challenging political landscape in Brazil renders pension reform less likely to be passed before the summer recess. Key Quotes "Sluggish growth, low yields, and hand-wringing over the reform process leave little good near-term news on the horizon for BRL, while equities and fixed income appear to be "priced-to-perfection" insofar as an optimistic pension reform is concerned." "We expect a middling outcome for the reform, at a net savings in the realm of 650bn-750bn reais… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
