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Summary – March 26

LATAM
  • Following the Copom minutes, the BCB will also publish its weekly Focus survey Tuesday. Brazil IPCA-15 inflation data for the first half of March will cross as well, with consensus for a further decline of inflation to 4.09% y/y, from 4.49% previously. Later, Brazil central government budget balance figures for February will be released, followed by Argentina January economic activity data. In the US, focus for the duration of the Tuesday session rests on the preliminary durable goods orders data for February, ahead of the March consumer confidence release.
  • Global News:
    • US – President Biden has gained ground against Republican Donald Trump in six of seven key swing states, and significantly so in at least two of them. The results make for the Democrat’s strongest position yet in a monthly Bloomberg News/Morning Consult poll. The shift was significant in Wisconsin, where Biden leads Trump by one point after trailing him by four points in February, and in Pennsylvania, where the candidates are tied after Trump held a six-point lead last month.
    • MIDEAST – Sky News Arabia reporting that according to its sources the Israeli delegation has left Doha, Qatar after Hamas rejected the American ceasefire-for-hostages proposal that Israel agreed to. After the Hamas rejection, Israeli Foreign Minister Israel Katz claimed that the US decision to abstain, rather than veto, a UN resolution calling for an immediate ceasefire in Gaza for the holy month of Ramadan was a contributing factor.
    • JAPAN – The Japanese government will take appropriate steps against excessive currency moves, without ruling out any measures, said Finance Minister Shunichi Suzuki. Suzuki says he’s watching FX moves with a high sense of urgency. Suzuki refrained from commenting on the topic of FX intervention, noting that his answer could have an unforeseen impact on the market. The exchange rate should move stably, reflecting economic fundamentals.

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