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Haddad, Campos Neto Attend G20 Meetings, Central Govt Budget Balance Due

BRAZIL
  • Brazilian assets saw support yesterday, buoyed by the lower-than-expected IPCA half month inflation data. Airfare and gasoline prices printed below expectations, while underlying services came in around expectations. After trading close to the 5.00 level earlier this week, USDBRL slipped back into its familiar short-term range, closing at 4.9342. Initial key support to watch lies at 4.9025, the Jan 26 low, a breach of which would be a bearish development.
  • Today, the G20 meeting continues in Sao Paulo, with Finance Minister Haddad virtually attending panels on inequality (1245GMT / 0745ET) and on global economic perspectives (1745GMT). BCB Governor Campos Neto will attend the G20 finance ministers and central bank governors meeting at 1745GMT, following earlier meetings with the governors of the CBRT and BoC. He will also meet with the OECD’s secretary general Mathias Cormann at 2115GMT.
  • Data wise, IGP-M inflation for February fell by 0.52% m/m (vs. -0.53% exp.), taking the annual rate to -3.76% y/y, from -3.32%. Later today, central government budget balance data for January will also be released (1900GMT).
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