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Haddad Comments At Odds With Estado Lula Reports On Inflation Targets

BRAZIL
  • Overnight, finance minister Fernando Haddad said that changes to the inflation targets won’t be discussed in the National Monetary Council this coming Thursday. The comments are expected to help ease the debate of the targets, which has been the primary source of volatility in recent weeks.
  • Haddad seems to have ended the debate by making clear that these goals will not be discussed by him, BCB President Roberto Campos Neto and Planning Minister Simone Tebet on Thursday; the committee formed by the three of them is the one responsible for setting and changing central bank’s targets.
  • Local assets came under pressure on Tuesday as Estado reported that President Lula wanted to increase the 2023 consumer price target by 1% which would allow the Selic rate to be cut to 12%.
  • USDBRL was assisted higher by a firmer greenback on late Tuesday, trading to a high of 5.2285. Technical levels to watch remain 5.3518 on the topside, the 76.4% retracement of the 5.4787 - 4.9410 bear leg and on the downside, a sustained break of 5.1338, the Feb 7 low would signal scope for a return to 4.9410, the Feb 2 low.
  • Worth noting market closures early next week for Carnival holiday.
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