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fxAug 13, 2026, 9:43 AM

SocGen: Brazil Election Risks Threaten Real Carry Story as USD/BRL Tests 200-Day MA

Societe Generale strategists see USD/BRL forming a higher low and testing its 200-day moving average near 5.22, while Brazil election risks cloud the real's carry appeal.

USDBRL

Societe Generale notes that USD/BRL has carved a higher low and is now testing its 200-day moving average around 5.22. The strategists cite upside projections for the pair, though the specific levels were not detailed in the excerpt.

At the same time, election risks in Brazil are seen as a threat to the real's carry-trade story. The note frames the political calendar as a key risk for the currency even as the technical picture in USD/BRL turns more constructive.

Source: FXStreet Forex News