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Summary 2/3 - Bolsonaro Congratulates Biden, BRL DI Swap Rates Lower

LATAM

Subdued price action in USDBRL but a small grind lower to close around 5.08 after Monday's rally. Given the dynamics surrounding the DXY and risk, the market may be primed for another test of 5.00 in the coming sessions.

  • Another positive day for yields with DI Swap rates falling around 10 basis points across the curve.

In Newsflow:

  • Brazil's President finally acknowledged and congratulated Biden as the President-Elect yesterday. Bolsonaro seemed ready to work with the incoming administration. "I will be ready to work with the new government and continue to build a Brazil-USA alliance," he said in a tweet.
  • Speaker Maia said his successor must have a liberal agenda and that he would pick his candidate next week. He stated that Congressmen Baleia and Aguinaldo could succeed him.
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