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BRAZIL: Lula May Consider Lower House Speaker Lira To Lead Agriculture Ministry

BRAZIL
BulletEM BulletEmerging Market News
  • USDBRL has unwound some of its earlier gains to trade around 6.02, following the dovish comments from the Fed’s Waller not ruling out rate cuts in H1 2025, and associated softening of the greenback. DI swap rates also continue to outperform, with yields down 10-20bp in the belly and long end today.
    • The move in USDBRL brings the pair back within sight of the 6.00 handle and support at the 50-day EMA, at 5.9884. A clear break of the 50-day EMA is required to signal a short-term reversal, which would expose 5.8675, the Dec 12 low.
    • Amid the government’s backtracking on Pix measures, President Lula is said to be irritated by how the crisis was handled by Finance Minister Haddad, who defended the measures, according to Folha. The Attorney General’s office will ask the Federal Police to investigate those responsible for spreading fake information.
    • Separately, Lula has said he may consider appointing lower house Speaker Arthur Lira to lead the Agriculture Ministry when Lira’s term ends next month.
    • With economic activity data coming close to expectations earlier, attention turns to IPCA-15 inflation figures next week, ahead of the Jan 29 Copom meeting.
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  • USDBRL has unwound some of its earlier gains to trade around 6.02, following the dovish comments from the Fed’s Waller not ruling out rate cuts in H1 2025, and associated softening of the greenback. DI swap rates also continue to outperform, with yields down 10-20bp in the belly and long end today.
    • The move in USDBRL brings the pair back within sight of the 6.00 handle and support at the 50-day EMA, at 5.9884. A clear break of the 50-day EMA is required to signal a short-term reversal, which would expose 5.8675, the Dec 12 low.
    • Amid the government’s backtracking on Pix measures, President Lula is said to be irritated by how the crisis was handled by Finance Minister Haddad, who defended the measures, according to Folha. The Attorney General’s office will ask the Federal Police to investigate those responsible for spreading fake information.
    • Separately, Lula has said he may consider appointing lower house Speaker Arthur Lira to lead the Agriculture Ministry when Lira’s term ends next month.
    • With economic activity data coming close to expectations earlier, attention turns to IPCA-15 inflation figures next week, ahead of the Jan 29 Copom meeting.