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BRAZIL: USDBRL Rises 0.9% As Haddad Says Lula Will Set Date For Spending Cuts

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • Finance Minister Haddad said that President Lula is asking for more information about the spending cut package and that the Finance Ministry is currently doing the math for it. He also didn’t commit to a size for the package, saying that he was unaware where the estimates of BRL 30-50bn of savings came from.
    • USDBRL has risen above resistance at 5.7422, the 76.4% retracement of the Aug 5 - 19 bear leg, exposing 5.8551 next, the Aug 5 high.
    • "*BRAZIL'S HADDAD: LULA TO DEFINE DATE FOR COST CUTTING MEASURES"
    • "*BRAZIL'S HADDAD: LULA  ASKING FOR MORE INFO ON MEASURES" - BBG
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  • Finance Minister Haddad said that President Lula is asking for more information about the spending cut package and that the Finance Ministry is currently doing the math for it. He also didn’t commit to a size for the package, saying that he was unaware where the estimates of BRL 30-50bn of savings came from.
    • USDBRL has risen above resistance at 5.7422, the 76.4% retracement of the Aug 5 - 19 bear leg, exposing 5.8551 next, the Aug 5 high.
    • "*BRAZIL'S HADDAD: LULA TO DEFINE DATE FOR COST CUTTING MEASURES"
    • "*BRAZIL'S HADDAD: LULA  ASKING FOR MORE INFO ON MEASURES" - BBG