- Brazil markets will be closed on Monday and Tuesday and will reopen for a half-day on Wednesday following the carnival holiday. USDBRL price action was once again capped by 5.00 on the topside last week as market positioning likely remained cautious ahead of Tuesday’s release of US inflation data.
- Later this week, the central bank’s Focus survey will be released Thursday, alongside weekly trade data and formal job creation for January. There are no tier-one data releases this week.
- On Friday, Petrobras confirmed media reports that it has received recommendations from the Mines and Energy Ministry for board members, according to a company filing. The names would be subject to applicable governance assessments, including the company’s internal procedures. Separately, the majority of employees at Brazil’s central bank rejected a salary counter-proposal and subsequently approved the indication for a staggered strike, which will begin with a 48-hour strike on Feb. 20-21.
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