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January Revenue Surprisingly Good – Finance Minister Haddad

BRAZIL
  • Brazilian government revenues were surprisingly good in January, Finance Minister Fernando Haddad said on Tuesday, adding that lower interest rates were fuelling optimism over the economic outlook for this year.
  • In similar vein, there has been more optimistic price action for the Brazilian real today. USDBRL did pierce above 5.00 to start the week but has since reverted below and continues to trade with a moderate dovish bias in today’s session.
    • A clear topside break of the 5.00 hurdle would cancel the recent bearish threat and instead confirm a resumption of the bull cycle and open 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Initial key support to watch lies at 4.9025, the Jan 26 low.
  • The data docket is packed for the rest of the week with budget balance figures, retail sales and trade balance data all scheduled on Wednesday, preceding January IPCA inflation figures on Thursday.
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