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GM To Invest In Electric Vehicle Production In Brazil

BRAZIL
  • USDBRL consolidated around 4.93 yesterday, having tested the 5.00 level on Tuesday, which continues to act as a key pivot for the pair. A clear break of 5.00 would signal scope for a stronger recovery towards 5.0696, the Oct 31 high. Initial support lies at 4.9027, the Jan 19 low. Domestically, no key data to test the pair today. FGV consumer confidence, released earlier, fell to 90.8 in January, from 93.2 previously, its lowest since May. Later today, the BCB will release its weekly report on currency flows at 17.30GMT(12.30ET), while in the US attention will be on key US Q4 GDP data, published at 1330GMT. The ECB is also due to keep interest rates on hold at 13.15GMT.
  • Yesterday, GM announced that it would invest BRL 7bn ($1.4bn) in Brazil over the next five years, with a focus on electric cars. Bloomberg report that other auto manufacturers Volkswagen and Stellantis are also expected to announce new investment plans for Brazil this year. Separately, local media are reporting that Lula is pushing for former Finance Minister Guido Mantega to be placed in charge of Vale. The group is expected to meet next Tuesday to discuss succession at the mining company.
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