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Focus On Haddad Meetings/Comments In Davos

BRAZIL
  • The Brazilian Real came under pressure on Monday and it could see its second straight session of losses as China data has failed to boost commodities enough to reverse the negative sentiment in EM currencies and stocks.
    • Lower-than-expected second-tier inflation data may help swaps to keep lower volatility than the currency. January IGP-10 came in at 0.05% m/m versus estimates of 0.3%.
    • Brazil’s Treasury will offer inflation-linked notes due 2026, 2033 and 2050; 2-year breakevens at 5.95% after dropping to 5.79% last week, the lowest level since October.
  • Finance Minister Fernando Haddad will hold several meetings in the World Economic Forum in Davos, and is expected to appear at an event on "Brazil: A New Roadmap". He reiterated yesterday that the govt is committed to approving a tax reform in the first half of 2023. Latest comment this morning:
    • BRAZIL'S HADDAD: TO BALANCE BUDGET IS NOT AN END IN ITSELF (BBG)
  • Brazil’s Prosecutor-General’s Office has filed a complaint with the Supreme Court targeting 39 rioters suspected of invading Congress during the acts of Jan. 8, in which Brasilia’s public buildings were vandalized, Globo newspaper reports.
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