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USDBRL Trades Within Familiar Range Post Carnival

BRAZIL
  • The Brazilian real remains rangebound in relatively quiet post carnival trading with USDBRL holding in a 4.96-4.98 range. Yesterday’s BCB focus survey produced no surprises, with economists’ inflation forecasts only edging up slightly, while the 2024 GDP growth forecast was unchanged at 1.6%. The year-end USDBRL forecast was also unchanged at 4.92. Nearer-term, attention is still on key resistance at 5.0017, the Jan 23 high, while initial key support to watch lies at 4.9025, the Jan 26 low.
  • On the data front, no major releases scheduled for today. Earlier, prices measured by IGP-10 inflation index fell by 0.65% m/m in February, following a 0.42% increase the month before. Next week, the focus turns to December economic activity data, released on Monday. On the political front, President Lula is in Egypt today for meetings with PM Abiy Ahmed.
  • In other news, Vale’s board of directors did not reach a consensus on the company’s next CEO in an extraordinary meeting on Thursday and a new meeting should take place in the coming days to address the matter, according to a statement.
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