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BRL Plummets Over 2% As Fiscal Risks Mount, Swap Rates Rise

BRAZIL
  • The Brazilian Real has come under severe pressure from the open, with market participants seeing the government’s initiative to fund a temporary tax cut on fuels as negative.
  • Brazil’s swap rates have also come under pressure with the belly and the long-end of the curve rising roughly 20 basis points as headwinds related to the subsequent fiscal impact gather pace.
  • USDBRL up 2.28% at 4.9065
  • Bloomberg Dollar Index up 0.19% at 1234.66
  • Brazil DI Swaps:
    • Jan '23 +4 bps at 13.49%
    • Jan '26 +20 bps at 12.56%
    • Jan '31 +19 bps at 12.73%
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