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Central Bank / Government Tensions Failing To Support BRL

BRAZIL
  • Despite broadly supportive price action for LatAm peers late Tuesday, USDBRL continues to trade towards the upper end of the most recent range as headlines related to tensions between the government and the central bank provide a concerning backdrop for market participants.
    • Despite Finance Minister Haddad stating that the Copom minutes, released on Tuesday, struck a friendlier tone, the President continues to question the high level of interest rates in the country.
    • President Luiz Inacio Lula da Silva said on Tuesday that the Central Bank‘s chief Roberto Campos Neto “owes explanations not to me, he owes explanations to Congress, to whom nominated him.”
    • These comments preceded comments this morning from the government leader in congress saying there is no government guidance regarding replacing the central bank chief and that the government wants to have dialogue about interest rates.
  • Brazil state-owned oil giant Petrobras releases its production and sales report for the fourth quarter of 2022. Report to be released after the market closes. Earnings release is expected to be published on March 1st.
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