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USDBRL Opens Lower Following Hawkish Copom, 5.00 Mark Holds

BRAZIL
  • The weaker greenback and more hawkish central bank statement have underpinned BRL strength at the open, however, USDBRL has been supported so far at the psychological 5.00 mark.
  • Brazilian senators re-elected an ally of President Luiz Inacio Lula da Silva as head of the upper house of Congress, one of country’s most powerful political positions, in a defeat to former President Jair Bolsonaro who was backing another candidate.
    • A defeat here would have been seen as a blow for Lula’s legislative agenda which includes broad reform to the tax system and a new fiscal anchor.
    • In a much more one-sided affair, Lawmaker Arthur Lira was reelected Lower House Speaker in a vote this Wednesday.
  • Petrobras Plans to Appeal BRL5.7b Tax Debt Upheld by Court
    • The company said it will seek appropriate legal measures to appeal the charge, as well as guarantee the debt.
  • Treasury auctions fixed-rate LTN local notes due 2024, 2025 and 2026; fixed-rate NTN-F local notes due 2029 and 2033.
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