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BRAZIL: BRL May See Further Relief as Administration Nods to Spending Cuts

BRAZIL
  • Finance Minister Haddad announced on Wednesday that President Lula has ordered compliance with the fiscal framework as well as a cut of R$25.9 billion in mandatory expenses, which will be made in relation to the 2025 Budget.
  • According to Globo reports, these amounts that will be cut correspond to a fine-tooth comb that the government has carried out in recent months to identify social spending that could be reduced.
  • Haddad also said that the measures could be brought forward depending on the federal government's revenue and expenditure report, which will be presented on July 22.
  • As noted, USDBRL ended Wednesday’s session 2.17% lower, with the Real’s relief rally potentially set to extend at Thursday’s open. On the downside, initial support to watch lies at 5.4597, the 20-day EMA.
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