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BCB Focus Survey Due At 1125GMT

BRAZIL
  • USDBRL traded moderately higher in yesterday’s session but remains within its recent range. For now, the pair is trading closer to initial key support at 4.9025, the Jan 26 low. Below here, 4.8032 remains the most notable medium-term support. On the upside, attention is still on key resistance at 5.0017, the Jan 23 high, which was pierced earlier this month.
  • Today, attention will be on the BCB’s latest economists’ survey which will be published at 1125GMT(0625ET). This release was delayed from earlier this week due to the workers strike at the BCB on Feb 20-21. Last week, inflation forecasts edged higher, but GDP, Selic and BRL forecasts were unchanged, with analysts expecting 2024 GDP growth of 1.6%, a year-end Selic rate of 9.0% and USDBRL ending the year at 4.92. January tax collections data are also due at 1330GMT.
  • Separately, BCB Monetary Policy Director Gabriel Galipolo is speaking at an event in Sao Paulo at 1200GMT. Vale will release its 4Q23 earnings report after markets close.
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