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Fiscal Framework Meeting, Central Bank Lending Report & Public Debt

BRAZIL
  • Comments from Finance Minister Haddad on Tuesday indicated that a meeting with President Luiz Inacio Lula da Silva on the fiscal framework is set to take place on Wednesday and should be conclusive. Another headline later in the day suggested that the government will present the new fiscal framework this week and so further details on this timing will be in focus today.
  • BCB minutes continued to underpin the central bank’s hawkish tone helping the Brazilian real consolidate early gains throughout yesterday’s trading session. Key USDBRL support to watch lies at 5.1012, the Mar 8 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low.
  • Outstanding loans in Brazil probably rise by 0.7% in February from a month earlier, according to the median estimate of analysts surveyed by Bloomberg, after declining of 0.3% in prior reading. Central bank releases lending report at 1230BST/0730ET. Later in the day - February Federal Debt Total, prior 5.77t.
  • On Thursday, the central bank will publish the quarterly inflation report before industrial production data is also due.
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