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President Lula To Meet With Ministers As BCB Picks Awaited

BRAZIL
  • Following the initial greenback spin cycle, broad dollar indices are currently in close proximity to pre-data levels and LatAm FX is trading with a more optimistic tone. USDBRL (-0.35%) is edging lower and short-term technical points remain unchanged. A continuation of gains would open 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg. On the downside, initial support to watch lies at 5.1012, the Mar 8 low.
  • Finance Minister Fernando Haddad told journalists on Monday that the domestic impacts of the collapse of Silicon Valley Bank have been “less turbulent than expected”. Earlier on Monday Haddad said he discussed the issue with central bank chief Roberto Campos Neto over the weekend and that they were assessing the size of the problem in “close contact” with Brazilian banks.
  • The President is scheduled to meet with ministers on Tuesday morning, including VP and Trade Minister Geraldo Alckmin, Finance Minister Fernando Haddad, Chief of Staff Rui Costa and Planning Minister Simone Tebet. President also has a meeting with Petrobras CEO Jean Paul Prates.
    • Yesterday, Fin Min Haddad said President Lula’s BCB Nominations were awaited in the coming days.

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