Brazilian President Luiz Inacio Lula da Silva said on Monday there was "no explanation" for the country's high interest rates, with the benchmark rate at a six-year high of 13.75%, adding that development bank BNDES could help bring down lending costs.
Chicago soybean futures inched lower on Monday, weighed down by estimates of a record output in top exporter Brazil despite slow harvest progress due to heavy rains in key producing regions. Wheat edged higher after an agriculture consultancy cut its harvest forecast for top exporter Russia, while corn was largely unchanged. FUNDAMENTALS.
A new wave of criticism from Brazilian President Luiz Inacio Lula da Silva against the central bank weighed on financial markets on Friday, which were also reeling from surprisingly strong U.S. employment data.
Industrial production in Brazil ended 2022 with a 0.7% drop on the previous year, government statistics agency IBGE said on Friday, losing some of the gains the sector recorded in 2021 after a pandemic-related downturn.
Brazilian President Luiz Inacio Lula da Silva on Thursday issued his latest threat to the autonomy of the country's central bank a day after it floated the possibility of keeping interest rates at a six-year high for a longer-than-expected period.
Currencies in Latin America came off session highs on
Thursday but held on to some gains, with the Brazilian real up
after its central bank said overnight it was considering holding
interest ...
Brazil's real rose on Thursday after
its central bank said overnight it was considering holding
interest rates at a six-year high for longer than market
expectations, while the broader index ...
Brazil's currency firmed and interest rate futures jumped on Thursday as a more hawkish outlook from the central bank led economists to push back forecasts for rate cuts to next year.
Brazil's currency on Thursday strengthened past 5.00 per dollar in the spot market for the first time since June 2022 after a hawkish policy statement from the central bank at its rate-setting meeting a day earlier.
Brazil's central bank on Wednesday said it was considering holding interest rates at a six-year high for longer than markets expect due to fiscal risks under recently inaugurated President Luiz Inacio Lula da Silva. The bank's rate-setting committee, known as Copom, left its Selic benchmark interest rate at 13.75% in Wednesday's policy decision, as expected by all 30 economists in a Reuters poll.
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