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BRL Remains Rangebound, Focus on CPI Inflation And GDP Next Week

BRAZIL
  • After a strong open yesterday, the greenback recovery prompted a reversal higher for USDBRL through the session, with the pair closing in the middle of the recent range around 4.96. Looking ahead, BRL lacks obvious data catalysts today. Earlier, FGV consumer confidence index fell to 89.7 in February, from 90.8 in January, its lowest level since last May. There are no other releases scheduled for today, with attention turning to half month IPCA inflation and Q4 GDP data next week.
  • In terms of central bank speak, BCB Monetary Policy Director Galipolo will talk at an event held by UFABC at 2200GMT. BCB Economic Policy Director Guillen will also speak at event held by Abrasca today.
  • Meanwhile, Vale holds a conference call with analysts at 1400GMT, following 4Q23 results which beat expectations yesterday. Separately, Vale was ordered by a state-level environmental agency to halt operations at its Onca Puma and Sossego mines in the country’s north yesterday due to the non-compliance of annual information reports and the failure to mitigate impacts from mining activities. Vale said it is evaluating the necessary measures to reestablish the full validity of the mines’ operating licenses.
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