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Iron Ore Decline Weighs On BRL At Open Before Reversing

BRAZIL
  • USDBRL opened marginally higher on Monday around 5.1250 but those gains have reversed almost immediately.
    • The modest negative sentiment perhaps stems from iron ore prices coming under pressure following a warning from Chinese authorities against publishing false market information and pledging to maintain tight supervision of pricing.
    • The steel-making ingredient fell around 4% after the National Development and Reform Commission said in a statement on Sunday that its officials had met with companies — which it didn’t identify — to remind them to “carefully verify and be accurate” before publishing information.
    • Overall, the recent USDBRL price action keeps the focus on 5.0108, the Aug 29/30 low.
  • Investigations remain ongoing following the January 08 riots. Federal Police have carried out five search warrants and three temporary arrest warrants in investigation of anti-democracy acts.
  • Finance Minister Fernando Haddad is in Davos for the World’s Economic Forum; he will join a panel on Latin America Thursday. The domestic data docket also remains fairly quiet with unemployment rate for November due to be published on Thursday, currently expected at 8.1%.
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