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Summary – March 25

LATAM
  • The LatAm calendar is light on Monday, with just Argentina Q4 current account data crossing later. In the coming days, attention will be on Brazil, where the BCB will publish the minutes to the recent Copom meeting as well as its latest quarterly inflation report. In the US, focus for the session rests on US new home sales data for February and the busier speaker slate. ECB's Holzmann is set to appear after last week's warning that markets should price in the risk of no rate cuts at all this year, while Fed's Bostic, Goolsbee and Cook also make appearances.
  • Global News:
    • US / ISRAEL – US Vice President Kamala Harris warned Israel against a major attack on the Gazan city of Rafah, where more than a million Palestinians have sought refuge as the war against Hamas continues. While broadly in line with the Biden administration’s repeated cautions to Israel, Harris’ comments on Sunday went beyond remarks by Secretary of State Blinken last week. “I am ruling out nothing,” Harris said to ABC when asked whether there would be consequences for a military assault on Rafah.
    • JAPAN – Japan’s top currency official delivered his most robust salvo of warnings in months against speculative moves in the FX market as the yen continues to hover near a 2022 intervention level. “The current weakening of the yen is not in line with fundamentals and is clearly driven by speculation,” vice finance minister for international affairs Masato Kanda told reporters Monday. “We will take appropriate action against excessive fluctuations, without ruling out any options.”
    • CHINA (MNI Beijing) – China will further reduce mortgage loan rates, relax restrictions on house and automobile buying and increase employment to boost consumption, said Yang Weimin, former vice minister at the Office of the Central Leading Group on Financial and Economic Affairs, during the China Development Forum 2024 on Monday. China's macro policy will work to boost domestic demand, he said, while deepening supply-side reform in the future.
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