The US dollar rises against the Brazilian real

The US dollar rises against the Brazilian real as the global slump continues to loom over the market. Since Monday, the greenback has charged against the Brazilian real and is now on its fourth day of consecutive gains. Bulls are on full throttle mode since March began, propelling the 50-day MA significantly above the 200-day MA. As the globe confronts the devastating coronavirus pandemic, investors of the US dollar are taking it as an opportunity as markets across the globe act cautiously. Perhaps the damage brought by deadly COVID19 is one of the worst economic contractions for years, giving the beloved buck, the world’s leading global reserve currency, the upper hand in the foreign exchange market. As for the Brazilian real, it has reportedly hit its weakest level against the US dollar. And, unfortunately, it’s still projected to get even weaker as the pair is widely expected to reach its key resistance in the short-term trading.