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3,000 Covid Deaths Yesterday, Lula Candidacy Strengthens

BRAZIL
  • Brazil posts record single-day toll of 3,251 virus deaths. The figure was driven by the state of Sao Paulo, Brazil's most populous, which recorded 1,021 new deaths, far above the previous high of 713 last July.
    • The latest bleak milestone came as President Jair Bolsonaro provoked public anger by saying Brazil would resume 'normal life' very soon thanks to the vaccination campaign that he had earlier criticised.
  • Elsewhere, Brazil's Supreme Court found that the judge who presided over corruption cases against former President Lula was biased, a ruling that could unravel the landmark Carwash anti-graft probe. This strengthens his chances of running against current President Bolsonaro in the 2022 vote.
  • The Real had initially been supported following the Copom minutes, however safe haven demand saw a late surge in USDBRL back above 5.50, as the DI swap curve encountered further bear steepening with swap rate contracts expiring in 2028 rising by over 30 basis points.
  • *Today, Brazil's Treasury releases monthly public debt report for February at 2:30pm local time.
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