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BRAZIL: President Lula Highlights His Administration's Responsibility

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • "LULA SAYS HIS GOVT HAS RESPONSIBILITY, ECONOMY WILL NOT 'CRASH'" (BBG)
  • President Lula continuing to strike a more prudent tone, which together with the administration’s actions this week have helped Brazilian assets rebound strongly. As a reminder, finance minister Haddad announced 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.
  • USDBRL is currently edging towards the lowest level of the week, and is down an impressive 3.85% from the Tuesday peak. Price action narrows the gap to initial support at 5.4622, the 20-day EMA, which was tested at today’s open prior to the US employment data. Below here, the 50-day EMA lies at 5.3243.
  • Focus survey expectations highlight on Monday, before June IPCA inflation data crosses Wednesday.
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  • "LULA SAYS HIS GOVT HAS RESPONSIBILITY, ECONOMY WILL NOT 'CRASH'" (BBG)
  • President Lula continuing to strike a more prudent tone, which together with the administration’s actions this week have helped Brazilian assets rebound strongly. As a reminder, finance minister Haddad announced 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.
  • USDBRL is currently edging towards the lowest level of the week, and is down an impressive 3.85% from the Tuesday peak. Price action narrows the gap to initial support at 5.4622, the 20-day EMA, which was tested at today’s open prior to the US employment data. Below here, the 50-day EMA lies at 5.3243.
  • Focus survey expectations highlight on Monday, before June IPCA inflation data crosses Wednesday.