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Brazil Declares 180-Day Animal Health Emergency

BRAZIL
  • A solid performance for the Brazilian real on Monday with USDBRL trading down from around 5 to 4.97 despite the underperformance seen by its Mexican counterpart. Despite inflation expectations for year-end 2023 sliding to 5.80%, the central bank governors reiteration that expectations remain at very high levels underpinned the local currency strength to start the week.
  • On Monday, Brazil declared a state of animal health emergency for 180 days in response to the country's first ever detection of the highly pathogenic avian influenza virus in wild birds, in a document signed by Agriculture Minister Carlos Favaro. So far there are 8 confirmed cases in wild birds in the country, with 7 in Espirito Santo and 1 in Rio de Janeiro states, according to note published by Agriculture Ministry late Monday.
  • On Tuesday, the Finance ministry is expected to disclose its second 2023 Macrofiscal Report at 4pm local time.
  • Additionally, the Treasury auctions Selic-linked LFT notes due 2026 and 2029; inflation-linked NTN-B local notes due 2028, 2040 and 2060.

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