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BRAZIL: Government Considers Drought Aid Packages

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • Poder360 has reported that the government is considering an emergency aid package for fishermen in the north of the country, impacted by the ongoing drought. The package could be worth BRL 470mn over a two-month period. Separately, the government is also considering offering a renewable credit line for producers affected by fires caused by extreme weather, with up to BRL 6.5bn available according to Agriculture Minister Carlos Favaro.
  • Following the stronger-than-expected economic activity data earlier, USDBRL is trading ~0.6% lower today around 5.59. Bullish conditions in USDBRL remain intact, however, with attention on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Firm support to watch is 5.5423, the 50-day EMA.
  • Later today, the Finance Ministry is due to unveil new estimates for GDP and inflation in its September Macrofiscal Bulletin at 1830BST(1330ET).
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  • Poder360 has reported that the government is considering an emergency aid package for fishermen in the north of the country, impacted by the ongoing drought. The package could be worth BRL 470mn over a two-month period. Separately, the government is also considering offering a renewable credit line for producers affected by fires caused by extreme weather, with up to BRL 6.5bn available according to Agriculture Minister Carlos Favaro.
  • Following the stronger-than-expected economic activity data earlier, USDBRL is trading ~0.6% lower today around 5.59. Bullish conditions in USDBRL remain intact, however, with attention on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Firm support to watch is 5.5423, the 50-day EMA.
  • Later today, the Finance Ministry is due to unveil new estimates for GDP and inflation in its September Macrofiscal Bulletin at 1830BST(1330ET).