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G20 Finance Ministers Meet In Sao Paulo This Week

BRAZIL
  • The Brazilian real ended last week on the back foot with USDBRL moving up towards the notable 5.00 pivot that has broadly capped the topside over the past three months. Attention is still on key resistance at 5.0017, the Jan 23 high, which was pierced earlier this month. A clear break of this would open 5.0609. On the downside, initial key support is at 4.9025, the Jan 26 low.
  • G20 finance ministers and central bank officials will meet in Sao Paulo Monday through Thursday this week to discuss the global economic outlook. Local media report that Finance Minister Haddad will propose global taxation for the super-rich at the G20 this week.
  • On the data front, FGV construction costs rose by 0.20% m/m in February, vs. +0.15% expected and +0.23% prior. Later today, January federal debt data will be published at 1730GMT (1230ET). In the week ahead, market participants will be focused on IPCA inflation data for the first half of February tomorrow, while Q4 GDP data will cross on Friday.

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