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USDBRL Approaches Support, Lula To Confirm Candidacy By Early March

BRAZIL
  • A strong recovery for the Brazilian Real throughout Tuesday’s session and with global indices pushing towards their best levels for the week, USDBRL is reapproaching noted support around 5.3885 (probed last Thursday), the Nov 11 low.
  • Brazil’s annual headline inflation eased less than expected to 10.20% which should confirm the need for another 150bp hike at next Wednesday’s Copom meeting, in line with signalling from the central bank.
  • Decision on a possible presidential candidacy will be taken between the end of February and the beginning of March, former president Luiz Inacio Lula da Silva said in an interview with CBN radio.
    • A new administration will not repeat the 2004 team, there are a lot of new people now, Lula said.
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