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Stocks Inch Higher, But Gains Inconsistent

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LOCAL NEWS:

  • With daily COVID fatalities topping 4,000 this week, local health experts are predicting no slowdown in the COVID caseload, with Fiocruz predicting Brazil will top 5,000 daily deaths at some point this month.
  • Estado reports that in a dinner with businessmen, Bolsonaro reaffirmed his commitment to a strong vaccination effort in Brazil, while also receiving a warm welcome for his 'alliance' with Brazilian industry.
  • Valor writes that the Braziian Audit Court is seeking answers from the government's economic team to explain flaws in the Budget. This may complicate Arthur Lira's efforts on the National Security Law.
  • No data releases due from Brazil Thursday, with focus remains on the COVID caseload.

MARKETS:

  • USD/BRL traded to a new weekly low of 5.5492 Wednesday before finding some support ahead of the 50-dma at 5.5420. A break and close below here extends the downleg off the late March high of 5.8064 and opens 5.4977 - the 50% retracement of the 2021 range.
  • Brazilian equities improved alongside global stocks, and touched a new multi-month high yesterday. Prices are now just over 5% shy of the early 2021 record high.
  • Front month DI futures were broadly unchanged Wednesday, retaining a very slightly steeper curve week-on-week.