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BRL Maintains Resilience, Central Bank Workers Remain On Strike

BRAZIL
  • The Brazilian Real continues its resilience in the face of further greenback strength with USDBRL falling back to 4.65 as markets re-opened on Monday. The primary technical trend direction for the pair remains down with recent price action suggesting the potential for a move to 4.5439, 1.236 projection of the Mar - Jun - Dec 2021 price swing. The 20-day EMA at 4.7622 remains the key short-term resistance.
  • Employees of Brazil’s central bank and the economy ministry, including the internal revenue system, have been on strike or staging work stoppages for three weeks now, delaying customs operations, budget plans and key statistical data. On Monday, a widely-watched economic survey with forecasts from more than 100 analysts went unpublished for a third consecutive week. (BBG)
  • Brazil would very much like Russia to be allowed to participate in the G20 ministerial meeting and leaders’ summit, Foreign Affairs Minister Carlos Franca told in a press conference with WTO’s director-general Ngozi Okonjo-Iweala in Brasilia. (BBG)
    • Russian ban doesn’t help us find a solution to conflict in Ukraine, he added.
  • Vale will release its 1Q22 sales and output report after the market closes. The mining company produced 68m tonnes in the same period a year ago. Market participants will be paying attention to Vale’s quarterly numbers and also potential changes to its iron ore output guidance, which is currently at 320m-335m tonnes.
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