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Lula Comments on BCB/More Fiscal Measures if Needed Boosts BRL

BRAZIL
EM BulletStoryEmerging Market News
  • President Lula via socia media (translated):
    • "We remain more convinced than ever that economic stability and fighting inflation are the most important things to protect the wages and purchasing power of Brazilian families. We have taken the necessary measures to protect the new fiscal rule and will continue to monitor the need for new measures."
  • Additional headlines via Bloomberg:
    • "LULA: GALÍPOLO HAS MY TRUST, AND THAT OF ALL THE ADMINISTRATION"
    • "GALÍPOLO WILL BE BCB CHIEF WITH MOST AUTONOMY EVER"
    • "PRESIDENCY WILL NEVER INTERFERE WITH CENBANK'S ISSUES" (BBG)
  • A more cohesive message coming from the President with respect to the central bank, but more importantly the nod to potentially doing more on the fiscal side puts a bid into the Real, with USDBRL slipping from 6.10 to lows of 6.0557 in recent trade.
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  • President Lula via socia media (translated):
    • "We remain more convinced than ever that economic stability and fighting inflation are the most important things to protect the wages and purchasing power of Brazilian families. We have taken the necessary measures to protect the new fiscal rule and will continue to monitor the need for new measures."
  • Additional headlines via Bloomberg:
    • "LULA: GALÍPOLO HAS MY TRUST, AND THAT OF ALL THE ADMINISTRATION"
    • "GALÍPOLO WILL BE BCB CHIEF WITH MOST AUTONOMY EVER"
    • "PRESIDENCY WILL NEVER INTERFERE WITH CENBANK'S ISSUES" (BBG)
  • A more cohesive message coming from the President with respect to the central bank, but more importantly the nod to potentially doing more on the fiscal side puts a bid into the Real, with USDBRL slipping from 6.10 to lows of 6.0557 in recent trade.