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BCB’s Campos Neto In US For Further Meetings At IMF

BRAZIL
  • Local media reports yesterday that the Finance Ministry is considering new measures to increase revenues helped a further decline in Brazil swap rates, with long-end yields down 12bp. Nonetheless, yields remain higher on the week, particularly at the front end as fiscal concerns have been in focus. After a notable move higher earlier in the week, USDBRL has remained rangebound around 5.25 in recent sessions. A bullish theme in remains intact, however, with focus on 5.3330 next.
  • Today, BCB President Campos Neto remains in Washington, where he will have further appointments related to the IMF spring meetings. These will include two lectures that he will give in the afternoon and a meeting with investors, organised by Bank of America at 2200BST(1700ET). Separately, President Lula will meet with Chief of Staff Rui Costa and the Finance Ministry’s Executive Secretary Dario Durigan at 1300BST, ahead of other meetings in Brasilia during the day.
  • On the data front, no macro releases are scheduled today. Next week, the BCB’s weekly Focus survey will be published as usual on Tuesday, while mid-month IPCA inflation data will be released on Friday.
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