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Vale Reports Q1 Earnings After Market Close

BRAZIL
  • The Brazilian real outperformed yesterday, gaining by 0.78% against the dollar, aided by a pullback in the greenback following soft US PMI data and supportive comments from President Lula downplaying concerns about a dispute with congress. Lula said that the tensions with congress are a normal part of governing and confirmed that he had recently met with lower house Speaker Arthur Lira Sunday to discuss matters. A bullish theme in USDBRL remains intact and the latest pullback is considered corrective. On the upside, attention remains on 5.3330, 76.4% of the Nov 11 ‘23 - Jul 28 ‘23 bear leg. Support to watch lies at 5.1183, the 20-day EMA.
  • Today, Vale discloses its Q1 earnings report after markets close. Iron ore output in the three months ending in March topped estimates, the company said last week. On the data front, April consumer confidence and FGV IPC-S CPI inflation will be released at 1200BST(0700ET).
  • Meanwhile, BCB director Gabriel Galipolo will speak at an event in Sao Paulo at 1400BST(0900ET). President Lula will have various meeting in Brasilia, including with Senator Rogério Carvalho at 2000BST(1500ET).
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