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BRL Opens On Back Foot, Beef Export Suspension To Be Short-Lived

BRAZIL
  • The Brazilian Real is coming under some pressure this morning amid dampened global sentiment and a moderately firmer greenback on Thursday.
  • Metropoles reported that Workers’ Party President Gleisi Hoffmann defended the idea that BCB President Roberto Campos Neto should quit or be fired with Congressional approval. She reiterated pledges for lower interest rates and said Campos Neto has nothing to do with the government’s proposals, which were approved by voters.
    • The comments follow finance minister Fernando Haddad’s message that he expects BCB to do its part when he announced the resumption of fuel taxes Tuesday.
  • Separately, Marfrig Global Foods, the world’s second largest beef producer, expects China will allow Brazil to resume beef exports to the Asian nation in mid-March, after completing all the procedures required by the sanitary protocol between both countries.
    • “We are sure this suspension will be short-lived,” Rui Mendonca, Marfrig’s head for South America, told reporters Wednesday.
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