EUR/BRL will continue to move higher in the following days

The pair will continue to move higher in the following days towards its all-time high. The EU’s economic powerhouses, Germany and France, posted their lowest Manufacturing and Services Purchasing Managers Index (PMI) reports in the first week of May. The bimonthly report saw its figure dropping to the lowest level since the 2008 Global Finance Crisis. In addition to that, the European Union also suffered the same fate. Analysts, however, are optimistic that these reports have already hit their bottom and are projected to post higher figures compared to their previous reports. The positive sentiments from analysts came as most EU member states continue to ease their restrictions. Spain, the EU’s most affected member state from the coronavirus pandemic, is now only the 6th on the list of countries with the biggest cases of COVID-19. Brazil, on the other hand, is preparing to become the second most infected country in the world.