Dollar surges 2.8%, hits its highest value in over a year after Bolsonaro speech (September 8)

A stop loss spree prompted the dollar in one move to leave all of its major moving averages behind.

RIO DE JANEIRO, BRAZIL - A broad sell-off in Brazilian assets gripped the domestic market on Wednesday (8) and took its toll on the exchange rate, with the dollar surging to a 15-month high above R$5.30 as foreign and local investors dumped positions amid concerns of a heightened domestic institutional crisis and its potential impact on public accounts and economic growth.

A wave of stop losses (automatic orders to minimize losses) prompted the dollar to leave behind all of its major moving averages of 50 (R$5.1988), 100 (R$5.2142) and 200 days (R$5 . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?