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Lula To Validate New Fiscal Rule By April

BRAZIL
  • Despite a moderately negative open for the Brazilian Real amid the dampened sentiment for emerging market FX, USDBRL is tracking close to yesterday’s close. The pair continues to hold within the broad range with the short-term focus remaining on 5.0108, the Aug 29/30 low and a key support.
    • Labour Ministry releases formal job creation for December at 1630GMT/1130ET, followed by a press conference with Minister Luiz Marinho.
    • After markets close, Brazil’s giant mining co. Vale to report iron ore production close a 82.6 million tons for the last quarter of 2022.
  • Latest headlines from the finance ministry:
    • BRAZIL FUEL TAX EXEMPTION WILL BE REASSESSED SOON: MELLO (BBG)
    • BRAZIL INFLATION TARGET DEBATE HASN'T STARTED AT MINISTRY: MELLO (BBG)
    • BRAZIL'S HADDAD SAYS MINISTRY TEAM IS SETTING NEW FISCAL RULE (BBG)
    • LULA TO VALIDATE NEW FISCAL RULE BY APRIL, HADDAD SAYS (BBG)

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