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Foreign Affairs Minister Vieira Says Government Will Push For Tax On Super Rich

BRAZIL
  • Ahead of the arrival of central bankers and finance ministers for the G-20 meetings in Rio de Janeiro, Foreign Affairs Minister Mauro Vieira said that the government will continue to push for a tax on the super-rich. He also said that a global alliance against hunger is a priority for Brazil and that he expected countries to continue to work on multilateralism regardless of the US election result.
  • Meanwhile, following yesterday’s bi-monthly Treasury report, when the government raised its 2024 primary budget deficit estimate to BRL 28.8bn, or 0.25% of GDP, local rates are underperforming today, with DI swap yields up 10-15bp across much of the curve.
  • USDBRL is trading in a relatively tight range today, currently up 0.2% at 5.59. A resumption of gains would signal scope for a climb towards 5.7134, the 1.382 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing. The 50-day EMA, the next support, lies at 5.3928.
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