Published at 12:40 (GMT) 05 Mar

Forex Market Alerts

BRL continues to move stronger to 11.7829 even as the global backdrop is not showing much improvement underlining the expectations for strong flows linked to IPOs. Di rates are slightly up even as IPCA came on expectations. Abroad, The key event of the week will be the Feb non-farm payroll on Friday. Here we expect a 25k decline, depressed by weather with a bigger fall prevented only by an increase in government hiring for the census. We sense that the worst outcomes are already anticipated and there is more upside on positive data than downsides on negative ones and therefore we may see further gains below 1.78. If BCB does not increase intervention look for consolidation below 1.78.