Societe Generale says USD/BRL below 50-day moving average opens move to 5.00

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Societe Generale highlights that USD/BRL has retreated to 5.07 after threatening 5.20 earlier in July, with the Brazilian Real retaining a firm tone following soft US Producer Price Index data and lower Treasury yields. The bank notes that the pair has moved below its 50-day moving average, which opens a potential move toward the 5.00 level.

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