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Petrobras Discuss Results, DI Swap Curve Shifts Higher

BRAZIL
  • Markets will digest Petrobras's fourth-quarter earnings. The company posted record profits under the CEO that has just been fired by President Bolsonaro. Petrobras discusses its results with analysts in calls in Portuguese at 10am and in English at 11:30am (both local time).
  • Local swap rates shifted higher again by between 5-20 basis points as investors continue to price in a more aggressive pace and size of hikes. Many have adjusted their forecasts for a 50 basis points hike at the BCB's upcoming meeting on March 17th.
  • USDBRL much more contained holding a 1% daily range. Negative sentiment continues to be expressed in rates as the lingering rate hikes and direct intervention in the currency, raise concerns for Real bears.

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