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Finance Minister Weighs Steps to Ease Credit

BRAZIL
  • USDBRL has spent the past three trading sessions consolidating below the 5.10 support that was breached last week. The break strengthens the current bearish theme and signals scope for a move towards 5.00 and 4.9410, the Feb 2 low. Initial firm resistance moves down to 5.1876, the 50-day EMA.
  • Brazil’s finance chief is considering a series of measures to boost credit in Latin America’s largest economy, saying capital markets have “stalled” under the weight of high interest rates.
    • Among the measures under consideration, he said, is a proposal from the Sao Paulo Industry Federation, or Fiesp, for a program of subsidized credit akin to the so-called “plano safra” offered to the agriculture sector. The plan would cater to companies seeking long-term investment and environmental transition projects. (Bloomberg)
  • Separately, Planning Minister Simone Tebet said Tuesday that the bill which creates Brazil’s new fiscal framework would be ready by close of play yesterday and will be sent to Congress on April 11.
  • BCB Governor Roberto Campos Neto is expected to speak twice today. First at 1300BST/0800ET on the second day of Bradesco BBI Brazil Investment Forum and then at 1600BST/1100ET at an Esfera event.
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