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Government Workers May Strike, USDBRL Shifts Away From Resistance

BRAZIL
  • A combination of higher commodity prices and above estimate IPCA inflation data sparked renewed optimism for BRL bulls on Tuesday. The Brazilian Real was one of the best performers globally and continues to be well supported ahead of the USDBRL resistance zone around 5.75.
  • Brazil’s central bank reiterated annual inflation will be above the 3.5% target in 2022, according to open letter published on the institution’s website. The central bank confirmed their prior signal for another 150bps hike in February.
  • Servants of at least 19 job categories may paralyze activities due to wage readjustment (Folha)
    • Entities of the federal civil service plan mobilization from January 18 and strike discussion from February.
  • Eletrobras plans to file requests with local securities watchdog CVM and U.S. regulator SEC for a global public offering of common shares and ADRs issued by the company in 2Q22, the power firm says in filing.
    • Global offering is part of Eletrobras’ privatization plan. (BBG)
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