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Reports That Lula's Transition Team Mulling More Conservative Spending Plan

BRAZIL
BulletEM BulletEmerging Markets NewsHomepage
  • LULA’S TEAM TO MULL MORE CONSERVATIVE SPENDING PLAN FOR BRAZIL (BBG)
  • Brazil President-elect Luiz Inacio Lula da Silva’s transition team will weigh a more conservative alternative to finance next year’s social outlays as investors eagerly await spending details, according to two people with knowledge of the matter. (Bloomberg)
  • USDBRL has been hit on the news from roughly 5.33 to a low of 5.2720.
  • While price trades below 5.4286, the outlook remains bearish for USDBRL and a resumption of weakness would open the 5.0205 low on Nov 4. A break of this support would strengthen bearish conditions.
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  • LULA’S TEAM TO MULL MORE CONSERVATIVE SPENDING PLAN FOR BRAZIL (BBG)
  • Brazil President-elect Luiz Inacio Lula da Silva’s transition team will weigh a more conservative alternative to finance next year’s social outlays as investors eagerly await spending details, according to two people with knowledge of the matter. (Bloomberg)
  • USDBRL has been hit on the news from roughly 5.33 to a low of 5.2720.
  • While price trades below 5.4286, the outlook remains bearish for USDBRL and a resumption of weakness would open the 5.0205 low on Nov 4. A break of this support would strengthen bearish conditions.