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Lula Officially Announces Presidential Candidacy

BRAZIL
  • Brazil's Workers' Party on Thursday officially launched the presidential candidacy of former President Luiz Inacio Lula da Silva for the upcoming October election, after he was nominated by party delegates.
  • The event in Sao Paulo was hosted by the Federation of Hope Brazil, consisting of the Workers' Party, the Communist Party of Brazil and the Green Party.
    • Former Sao Paulo governor Geraldo Alckmin was nominated as the vice presidential candidate.
  • After opening the week just above 5.35, USDBRL has risen roughly 3% this week to levels around 5.50. Moving average studies are in a bull mode condition, reinforcing bullish conditions. The focus remains on 5.5245 next, the Jan 24 high, ahead of the 5.60 handle.
    • On the downside, initial support is seen at 5.3467, the 20-day EMA.
  • Worth noting that today the Government are set to publish bi-monthly budget report.
  • (Reuters) - Oil production at Brazil's Petrobras fell in the second quarter as asset divestments and increased work stoppages took their toll, while the company's refinery utilization rate hit a whopping 97%.
    • In a securities filing, Petrobras said crude production came to 2.114 million barrels per day, down 5.2% from the previous quarter and 5% from the same period a year ago.
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