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President Lula Says Always Available To Work With Argentina

BRAZIL
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  • Despite heavily hinting towards supporting economy minister Massa for this weekend’s Argentine presidential runoff election, Brazil President Luiz Inacio Lula da Silva has congratulated Argentina’s new government and said Brazil will always be available to work together with its neighbour.
  • A very light week on the domestic docket should keep local assets driven by broader global themes. USDBRL opens slightly lower on Monday, in line with the greenback decline and the advance for iron ore (up 2% in Singapore). The recent move lower for USDBRL confirms a resumption of the current downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle.
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  • Despite heavily hinting towards supporting economy minister Massa for this weekend’s Argentine presidential runoff election, Brazil President Luiz Inacio Lula da Silva has congratulated Argentina’s new government and said Brazil will always be available to work together with its neighbour.
  • A very light week on the domestic docket should keep local assets driven by broader global themes. USDBRL opens slightly lower on Monday, in line with the greenback decline and the advance for iron ore (up 2% in Singapore). The recent move lower for USDBRL confirms a resumption of the current downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle.