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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BCB Review – March 2024: Guidance Tweak To Provide Flexibility Ahead
MNI BCB Review - March 2024
Executive Summary
- At the March 20 meeting, the Copom decided to cut the Selic rate by another 50bp to 10.75%, as was widely expected. The decision was adopted by all members of the committee.
- As had also been anticipated, the committee tweaked its forward guidance, now signalling “further reductions of the same magnitude in the next meeting”, rather than “meetings”.
- The central bank is therefore only guiding for one further 50bp cut in May, thus giving itself more room for manoeuvre in an uncertain environment for the meetings after.
- The marginally hawkish shift from the BCB, although broadly in line with expectations, may continue to weigh on USDBRL at Thursday’s open. This may risk the currency pair returning to its prior familiar range of 4.90-5.00, having threatened a bullish breakout earlier this week. Initial key support to watch lies at 4.9535, the Mar 14 low, with more meaningful support at 4.9027, the Jan 19 low.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.