Brazil’s Morning Call for Tuesday, March 10, 2026
Key Facts
— Monday was a session of two markets. In the morning, Brent crude touched ~$119.50, S&P futures were down 1.7%, and the Ibovespa opened into the red. By the close, Trump told CBS News the war is “very complete, pretty much,” Brent settled at $98.96 (+6.76% from Friday) but crashed to ~$87 in after-hours trading, and the Ibovespa finished at 180,915.36 — up 0.86% on the day. The S&P 500 staged a 240-point intraday reversal to close +0.83% at 6,795.99.
— This is part of The Rio Times’ daily Brazil Financial Morning Call, covering Latin American financial markets.
— Then reality pushed back. Iran’s IRGC called Trump’s comments “nonsense” and threatened to halt all exports through Hormuz if strikes continue. The US State Department ordered non-essential staff to leave its consulate near Adana, Turkey. After markets closed, S&P futures slipped 0.2–0.3% and Brent was last seen around $87–89. Tuesday opens into an information vacuum: is the war ending or escalating?
— The Focus Survey delivered a mild hawkish signal: Selic end-2026 rose to 12.13% (from 12.00%), while IPCA 2026 held at 3.91% — surprisingly benign given $100+ oil. The collection window closed Friday, capturing the first war week but not Monday’s spike. Critically, the market still expects a 50 bps cut at next week’s Copom (March 17–18), followed by another 50 bps in April. The next Focus — which will capture $119 Brent, Trump’s peace signal, and Monday’s chaos — will be the real test of inflation expectations.
— US CPI (February) drops tomorrow. It is pre-oil-shock data, but any above-consensus reading cements the stagflation narrative ahead of the FOMC meeting next week. Today’s EIA Short-Term Energy Outlook and the API crude inventory report will set the oil narrative. Gold fell 1.24% to ~$5,107 as rising yields and a resurgent DXY (briefly 99.69 intraday) forced liquidation of profitable precious metals positions — a classic liquidity event.
— The Ibovespa’s +0.86% close and the real’s spectacular 1.52% rally (USD/BRL to R$5.1641, lowest since February 27) reflect Brazil’s unique position in this crisis: a net oil exporter with high carry, benefiting from Brent above $90 even as the world scrambles. Petrobras diesel deficiency hit R$2.74/liter — a ticking time bomb for IPCA if sustained, but a near-term earnings tailwind. The question for Tuesday: does Brent stabilize around $87–90 (war-ending narrative) or rebound toward $100 (IRGC rejects peace narrative)?
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Where We Left Off MONDAY, MAR 9 — B3 CLOSE
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The Ibovespa opened Monday into the red as $119 Brent and Asian free-fall (Nikkei −5.2%, KOSPI −6%, ASX −2.85%) set the tone. The index hit a session low of 177,637 in the first hour — below Friday’s 178,556 low — before staging a dramatic reversal. By 13:45 BRT, oil and gas names had pulled the index positive: PETR3 +4.52%, PETR4 +4.27%, PRIO +6.01%, Brava +1.88%. Then Trump’s CBS comments landed, and the Ibovespa surged to close at 180,915.36 (+0.86%, +1,550 points). Session high: 181,952.
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Azzas 2154 (AZZA3) led the board at +5.38%. MRV (MRVE3) was the worst performer at −7.85%, hammered by the rising rate environment that threatens the housing sector. The real was the standout global performer: USD/BRL fell 1.52% to R$5.1641, its lowest close since February 27 (pre-war). Robin Brooks (Brookings Institute) noted the real outperformed every other EM currency over the past two sessions, driven by the oil price shift acting as a “huge positive shock” for Brazil.
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In New York, the reversal was equally dramatic. The Dow dropped 886 points at its session low before closing up 239 points (+0.50%) at 47,740.80. The S&P 500 rallied from −1.5% to +0.83% at 6,795.99. The Nasdaq jumped 1.38% to 22,696.81, recovering after dipping below its 200-day moving average for the first time since May 2025. Brent settled at $98.96 (+6.76%) at 2:30 PM ET, then plunged to ~$87 after Trump’s comments. WTI settled at $94.77 (+4.26%), then fell to ~$86.
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The VIX fell 13.5% to 25.50 but remains at its highest sustained level since November. The 10-year Treasury yield ticked down to ~4.10% as recession fears competed with oil-driven inflation. Gold fell 1.24% to ~$5,107 in a liquidity-driven sell-off: rising DXY (briefly 99.69) and higher yields forced margin-call liquidation of profitable precious metals positions. The G7 discussed SPR release but declined to act — French Finance Minister Lescure said “we are not there yet.”
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Market Snapshot DATA AS OF MON, MAR 9 CLOSE
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| Indicator | Close | Change |
|---|---|---|
| Ibovespa | 180,915 | +0.86% |
| USD/BRL | R$5.1641 | −1.52% |
| S&P 500 | 6,796 | +0.83% |
| Nasdaq | 22,697 | +1.38% |
| 10Y Treasury | 4.10% | −5 bps |
| Gold (Spot) | ~$5,107 | −1.24% |
| Brent Crude | $98.96 | +6.76% |
| Iron Ore (62%) | ~$114 | +3.00% |
| DXY | 98.74 | −0.25% |
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Live Market IntelligenceBrazil Morning Call — Live Board
Rio Times · Live Market Intelligence
Brazil Morning Call — Live Board
-0.27%
177,512.41
-0.27%
66,935.53
-0.58%
11,014.88
-0.02%
3,273,672
-0.54%
2,382.96
-0.38%
57,378.30
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 177,512.41 | -0.27% | +33.51% | 177,999.00 | 178,557 | 176,783 | — |
| USD/BRL | 5.09 | +0.25% | -8.14% | 5.07 | 5.09 | 5.05 | — |
| EUR/BRL | 5.85 | -0.11% | -8.67% | 5.86 | 5.87 | 5.83 | — |
| SELIC | 14.25% | — | — | — | — | — | |
| BRENT | 83.32 | -7.55% | +21.18% | 90.12 | 84.65 | 81.85 | 34,204 |
| WTI | 79.67 | -5.91% | +20.18% | 84.67 | 81.30 | 78.43 | 228,358 |
| IRON ORE | 161.91 | — | +60.67% | 161.91 | 161.91 | 1 | |
| GOLD | 4,091 | +1.03% | +21.24% | 4,049 | 4,146 | 4,074 | 82,318 |
| SILVER | 58.03 | +0.75% | +56.01% | 57.59 | 58.88 | 56.71 | 28,424 |
| LITHIUM | 69.35 | +0.18% | +67.14% | 69.22 | 69.43 | 68.27 | 131,056 |
| SOY | 1,192 | +1.69% | +22.99% | 1,172 | 1,195 | 1,175 | 106,373 |
| CORN | 472.25 | +7.15% | +22.03% | 440.75 | 473.50 | 458.25 | 184,531 |
| WHEAT | 651.25 | +1.88% | +26.03% | 639.25 | 653.75 | 632.00 | 63,223 |
| COFFEE | 321.15 | -3.30% | +11.30% | 332.10 | 314.80 | 302.60 | 17,659 |
| SUGAR | 15.01 | +2.39% | -7.63% | 14.66 | 15.06 | 14.61 | 91,314 |
| ORANGE JUICE | 159.20 | +2.74% | -32.05% | 154.95 | 159.35 | 150.75 | 1,065 |
| COTTON | 81.39 | +1.11% | +26.07% | 80.50 | 80.85 | 79.87 | 15,887 |
| BEEF | 227.03 | -2.04% | -1.68% | 231.75 | 229.55 | 226.30 | 24,081 |
| CATTLE | 343.00 | -1.44% | +2.27% | 348.02 | 348.05 | 341.70 | 7,325 |
| COCOA | 5,903 | +9.38% | -27.14% | 5,397 | 5,950 | 5,378 | 25,987 |
| PETR4 | 42.80 | -1.43% | +33.15% | 43.42 | 43.09 | 42.35 | 16,603,500 |
| VALE3 | 74.29 | -2.61% | +37.19% | 76.28 | 76.48 | 73.95 | 16,546,800 |
| SUZB3 | 43.40 | +0.18% | -14.50% | 43.32 | 43.69 | 43.00 | 2,394,200 |
| KLABIN | 18.29 | +0.22% | +0.61% | 18.25 | 18.44 | 18.12 | 2,424,300 |
| SLCE3 | 13.41 | +0.22% | -16.94% | 13.38 | 13.56 | 13.21 | 1,585,600 |
| ABEV3 | 15.77 | -1.38% | +26.99% | 15.99 | 16.12 | 15.73 | 17,433,800 |
| ITUB4 | 43.04 | +0.39% | +25.47% | 42.87 | 43.47 | 42.83 | 10,677,900 |
| BBDC4 | 18.54 | +0.70% | +18.33% | 18.41 | 18.69 | 18.37 | 12,498,900 |
| BBAS3 | 21.31 | -0.19% | +13.78% | 21.35 | 21.58 | 21.17 | 5,681,500 |
| B3SA3 | 15.61 | -0.76% | +23.19% | 15.73 | 15.73 | 15.44 | 22,689,200 |
| WEGE3 | 48.27 | +2.27% | +30.27% | 47.20 | 48.28 | 47.27 | 3,539,800 |
| PRIO3 | 58.81 | -3.35% | +45.31% | 60.85 | 59.55 | 58.44 | 5,015,500 |
| RENT3 | 37.94 | +0.88% | +10.62% | 37.61 | 38.50 | 37.70 | 2,780,500 |
| AZZA3 | 16.07 | -2.13% | -54.38% | 16.42 | 16.80 | 15.86 | 3,176,800 |
| CSNA3 | 4.60 | -4.96% | -38.66% | 4.84 | 4.84 | 4.36 | 28,196,600 |
| GGBR4 | 25.31 | +1.32% | +55.82% | 24.98 | 25.37 | 24.51 | 3,801,000 |
| ENEV3 | 26.75 | +1.67% | +98.15% | 26.31 | 26.92 | 26.20 | 4,631,100 |
| LREN3 | 13.85 | +1.84% | -17.90% | 13.60 | 13.98 | 13.62 | 7,797,400 |
What to Watch TUESDAY CATALYSTS
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The dominant question is binary: is Trump’s “war is very complete” statement credible, or was it premature triumphalism? The IRGC’s response — calling it “nonsense” and threatening further Hormuz disruption — suggests the latter. If Brent rebounds above $95 today, the Monday reversal was a bull trap. If it stabilizes around $87–90, markets will begin pricing a resolution timeline and the Ibovespa can consolidate above 180,000.
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The EIA Short-Term Energy Outlook at 12:00 ET is the first official US government assessment of the supply disruption’s magnitude. If the EIA revises global supply forecasts downward by 2+ million bpd, it validates the $90+ Brent floor. The API crude inventory report at 16:30 ET will show whether US stockpiles are being drawn down. Trump’s post-close press conference from Monday may generate additional headline risk.
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Domestically, the B3 opens at 10:00 BRT under the new shortened trading schedule (closing at 16:55 BRT, one hour earlier). The Focus Survey’s mild hawkish shift — Selic to 12.13% — is a yellow flag but not a red one: IPCA 2026 at 3.91% remains well below the 4.5% tolerance ceiling, and the market still expects a 50 bps March cut. The real question is whether the Petrobras fuel pricing gap (diesel at R$2.74/liter below international parity) becomes a political flashpoint before Copom.
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NFIB Small Business Optimism (06:00 ET, cons: 99.6) and Existing Home Sales (10:00 ET, cons: 3.89M) provide incremental US data. German trade data already dropped: exports −2.3% MoM (cons: −2.0%), but the trade surplus ballooned to €21.2B (cons: €15.4B) on a −5.9% import collapse — Europe is de-stocking, not growing. The 3-Year Note Auction at 13:00 ET tests short-end Treasury demand.
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Ibovespa Setup TECHNICAL LEVELS
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The Ibovespa closed Monday at 180,915.36 (+0.86%). Daily RSI reads 45.93 (MA: 60.22) — still neutral territory, improving from Friday’s 42.87. The 14-point RSI-MA gap has narrowed but remains bearish. MACD is at −1,876 (signal: 1,241), still negative but the histogram is compressing. The 50-day SMA (~185,130) remains overhead resistance.
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Resistance: 181,952 (Monday’s high) → 183,000 (recovery zone) → 185,130 (50-day SMA) → 186,241 (February 9 close).
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Support: 180,464 (Monday’s opening reference) → 179,457 (intermediate SMA) → 177,637 (Monday’s low) → 174,874 (200-day SMA).
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Monday’s wide range (177,637–181,952, a 4,315-point swing) created a bullish reversal candle — but its follow-through depends entirely on Brent. If oil stabilizes around $87–90, the Ibovespa can consolidate in the 180,000–183,000 range and begin working toward the 50-day SMA. If Brent rebounds above $95 on IRGC escalation, the 177,637 Monday low gets retested. Petrobras remains the index’s anchor tenant: oil between $85–95 is the sweet spot — high enough for earnings, low enough to avoid panic inflation repricing. Bias: cautiously constructive if Brent holds below $95.
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Copom Watch NEXT MEETING: MAR 17-18 · T−8 DAYS
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The Selic sits at 15.00% with 8 days to Copom. Monday’s Focus Survey delivered a nuanced message: the market raised its end-2026 Selic forecast from 12.00% to 12.13% — acknowledging the oil shock — but held IPCA 2026 steady at 3.91%, well below the 4.5% tolerance ceiling. Critically, the median expectation still prices a 50 bps cut at the March meeting and another 50 bps in April.
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The Copom’s January statement said it would begin cutting in March “conditioned on confirmation of the economic panorama.” The oil shock complicates that panorama, but Trump’s “war is very complete” statement — if followed by actual de-escalation — could resolve the uncertainty in time. Brent at $87 is very different from Brent at $119 for the Copom’s reaction function.
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The diesel pricing gap (R$2.74/liter below international parity) is the wild card. Petrobras’ absorbed fuel pricing formula means the oil shock has not yet hit domestic pump prices — but the gap is unsustainable beyond a few weeks. If Petrobras raises diesel prices before March 17, the Copom faces an immediate pass-through to freight and food costs. If Petrobras holds prices, the gap erodes the fiscal story. Either path is hawkish, but the timing matters: a pre-Copom adjustment would likely force a smaller 25 bps cut or a hold.
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The DI curve will reprice Tuesday based on the oil trajectory. If Brent stabilizes below $90, the March 50 bps cut remains the base case with modest probability of 25 bps. If Brent rebounds above $95, the cut probability drops sharply and a hold becomes the dominant expectation.
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Economic Calendar TUESDAY, MAR 10
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| Time | Event | Impact |
|---|---|---|
| All Day | Iran-US War Day 11 — IRGC called Trump’s “war is very complete” statement “nonsense” and threatened to halt exports through Hormuz. US evacuated consulate near Adana, Turkey. Brent fell to ~$87 after-hours. Trump gave post-close press conference Monday. Binary session: peace narrative or escalation? | HIGH |
| 03:00 ET | German Trade Data (Jan) — Already released: Exports −2.3% MoM (cons: −2.0%, prev: +3.9%), Imports −5.9% (prev: +1.3%), Trade Surplus €21.2B (cons: €15.4B). Surplus beat masks demand destruction — imports collapsed on de-stocking | MEDIUM |
| 06:00 ET | US NFIB Small Business Optimism (Feb) — Cons: 99.6 (prev: 99.3). Small business sentiment reading pre-oil shock. ECOFIN Meetings also today | MEDIUM |
| 10:00 ET | US Existing Home Sales (Feb) — Cons: 3.89M (prev: 3.91M, MoM prev: −8.4%). Housing data before the oil/rate disruption. Any further weakness reinforces the demand destruction side of the stagflation equation | MEDIUM |
| 12:00 ET | EIA Short-Term Energy Outlook — First official US government assessment of the Hormuz disruption’s impact on global supply. A revision of 2+ million bpd downward validates the $90+ Brent floor and resets oil expectations | HIGH |
| 13:00 ET | US 3-Year Note Auction — Prev yield: 3.518%. Tests short-end demand in a volatile rate environment with stagflation fears elevated | LOW |
| 16:30 ET | API Weekly Crude Oil Stock — Prev: +5.600M barrels. A draw would signal US stockpiles are being tapped; a build would temper supply fears. Critical for overnight Brent direction ahead of Wednesday’s CPI | MEDIUM |
| MAR 11 | US CPI (Feb) — The most important data print of the week. Pre-oil-shock data, but any above-consensus reading cements the stagflation narrative before both the FOMC and Copom meetings next week | HIGH |
| MAR 17–18 | Copom + FOMC Meetings — Both central banks decide same week. Market still prices BCB 50 bps cut to 14.50%, but oil trajectory and CPI could force a smaller 25 bps cut or hold. FOMC faces stagflation dilemma: −92K jobs argues for cut, $100+ oil argues against | HIGH |
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Latin America Markets MONDAY CLOSE
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| Index | Close | Change | RSI (14) | Signal |
|---|---|---|---|---|
| Ibovespa | 180,915 | +0.86% | 45.93 | Neutral |
| IPC (Mexico) | 66,890 | −0.63% | 37.56 | OS Watch |
| COLCAP (Colombia) | 2,226 | +2.31% | 42.53 | Neutral |
| IPSA (Chile) | 10,429 | +1.11% | 38.92 | OS Watch |
| MERVAL (Argentina) | 2,632,795 | +0.25% | 35.73 | Oversold |
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The regional picture improved modestly on Monday’s reversal. COLCAP led with +2.31% as Colombia’s oil exposure provided a tailwind — RSI recovered from 35.64 to 42.53, exiting oversold territory. Chile’s IPSA gained 1.11% to 10,429, but at RSI 38.92 remains near oversold. MERVAL barely moved (+0.25%) and stays deeply oversold at RSI 35.73. Mexico’s IPC was the outlier, falling 0.63% to 66,890 (RSI 37.56) — the market that benefits least from oil and suffers most from US demand destruction and tariff uncertainty.
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The Ibovespa’s RSI improvement from 42.87 to 45.93 reflects the reversal but not conviction. If Tuesday’s Brent action confirms the de-escalation narrative, there is scope for a broader LatAm bounce: IPSA, MERVAL, and IPC are all technically set up for oversold rallies. If IRGC rhetoric drives Brent back above $95, only the Ibovespa and COLCAP — the oil beneficiaries — can hold ground.
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Commodities & FX KEY MOVES
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Brent touched $119.50 in overnight trading Sunday, settled at $98.96 (+6.76% from Friday) at 2:30 PM ET, then plunged to ~$87 after Trump’s “war is very complete” comment. WTI followed the same arc: touched $119.48, settled $94.77 (+4.26%), fell to ~$86 after-hours. As of early Tuesday, Brent was around $87–93, with Oilprice.com showing the May contract at ~$92.80 (−6.22%). The G7 discussed SPR release but did not commit — French FM Lescure said “we are not there yet.” The EIA Short-Term Energy Outlook today is the key oil input.
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Iron Ore rallied 3% on the DCE May contract to 790 yuan (~$114/ton), driven by surging energy and freight costs from the Hormuz disruption. Singapore April contract rose 2.13% to $103.75. Seaborne spot was $100.60 as of Friday. Coking coal surged 8%. The rally reflects input cost inflation (bunker fuel, insurance premiums) rather than demand fundamentals.
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Gold fell 1.24% to ~$5,107, retreating from its all-time high of $5,589 set in late February. The sell-off was driven by margin-call liquidation: the DXY hit a 3-month high of 99.69 intraday, and the 10Y yield rose to 4.22% before settling around 4.10%. Gold is caught in a cross-current between safe-haven demand (war) and liquidity headwinds (dollar strength, rising yields). Structural support at $5,000 holds.
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USD/BRL fell 1.52% to R$5.1641 — the real’s best single-session performance in weeks and its lowest close since February 27 (pre-war). After trading as high as R$5.2864 in the morning on $119 oil panic, the real reversed dramatically. Brazil’s unique position as an oil exporter with high carry makes the real an outperformer even in crisis: Robin Brooks noted it outperformed every EM peer. The Petrobras fuel pricing gap is a latent inflationary risk but a near-term current account boost.
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DXY closed at 98.74 (−0.25%) after swinging between 98.74 and 99.69 intraday. The dollar initially surged on safe-haven flows (war escalation) but reversed after Trump’s de-escalation signal. Direction remains binary: war-ending = dollar weakens; war-continuing = dollar strengthens.
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Risk Map BULL vs BEAR
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| Bull Case | Bear Case |
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| Trump’s “war is very complete” may be more than rhetoric — If the US has genuinely destroyed Iran’s military capacity (navy, air force, communications), the conflict’s resolution timeline could be days rather than weeks. Brent at ~$87 after-hours already reflects partial de-escalation pricing. A ceasefire or Hormuz reopening announcement would send Brent toward $70–75 and trigger a violent risk-on rally across EM assets. The Ibovespa’s 50-day SMA at ~185,130 becomes the immediate target. \n \nFocus Survey anchored IPCA expectations — March cut alive — Despite $100+ oil, the Focus held IPCA 2026 at 3.91%, well below the 4.5% ceiling. The market still prices a 50 bps Copom cut. If Brent stabilizes below $90, the BCB has full statistical cover to begin easing. A 50 bps cut at March 17–18 would be a powerful signal of normalization, compressing the DI curve and lifting rate-sensitive equities. \n \nBrazil as oil crisis beneficiary is being recognized — The real outperformed every EM currency on Monday. Robin Brooks’ “huge positive shock” framing is gaining traction: higher oil = higher Petrobras earnings, stronger current account, better fiscal revenue (royalties, CIDE, PIS/Cofins on fuel). The R$5.16 close is the strongest FX level since before the war started. \n \nSynchronized LatAm oversold bounce potential — MERVAL (RSI 35.73), IPC (37.56), and IPSA (38.92) are all near or at oversold. Any confirmation of de-escalation triggers tactical bounces of 3–5% across the region. |
IRGC rejection means the war isn’t over — Iran’s Revolutionary Guard called Trump’s comments “nonsense” and explicitly threatened to halt all Hormuz exports if strikes continue. The US evacuated its Turkey consulate. The geographic scope of the conflict (Saudi, UAE, Turkey now) argues for escalation, not resolution. If Tuesday brings fresh strikes or tanker incidents, Brent reverses above $100 and Monday’s reversal becomes a classic bull trap. \n \nThe Petrobras pricing gap is a fiscal and inflationary time bomb — Diesel at R$2.74/liter and gasoline at R$1.22/liter below international parity is unsustainable. Petrobras is absorbing ~R$200+ million per day in foregone revenue. If they adjust prices before Copom, the immediate IPCA pass-through forces a hold or smaller cut. If they don’t, the implicit fiscal transfer erodes the story that justified the BRL’s rally. \n \nUS stagflation data will compound regardless of oil — Wednesday’s CPI is pre-oil-shock data. Even a benign reading will be stale. The −92K NFP, +3.8% wages combination from Friday hasn’t been absorbed. The FOMC meets in 8 days facing the same dilemma as the BCB: cut into a labor recession or hold to fight oil-driven inflation. Either path is negative for EM risk assets. \n \nGold’s decline signals broader liquidity stress — Gold falling 1.24% while oil surges 7% and war escalates is a classic margin-call signal. The DXY briefly hitting 99.69 and 10Y yields at 4.22% intraday indicate dollar funding stress. If the liquidity crunch deepens, EM assets will be sold to fund dollar obligations regardless of the oil narrative. |
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Positioning BOTTOM LINE
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Key Facts
— Tuesday is a binary session defined by one variable: does Brent confirm Monday’s de-escalation reversal or reject it? The Ibovespa closed at 180,915 — above its 200-day SMA at ~174,874, above the crisis low of 177,637, and back within striking distance of 183,000. The real’s 1.52% rally to R$5.1641 underscores Brazil’s structural advantage in this crisis. But the IRGC’s rejection of Trump’s “war is very complete” statement and the US consulate evacuation in Turkey warn that the narrative can flip in minutes.
— The positioning call is conditionally constructive, not fully risk-on. Maintain Petrobras and PRIO overweight — Brent between $85–95 is the Goldilocks zone where Petrobras earns record margins without triggering inflationary panic. The Focus Survey’s benign IPCA reading (3.91%) keeps the March Copom cut alive, but the Selic hike to 12.13% signals the market is watching. Reduce exposure to rate-sensitive names until CPI (Wednesday) and the Copom (March 17–18) provide clarity. Vale benefits from iron ore’s energy-cost rally to $114 but faces the same global recession headwind — hold, don’t add. The EIA Short-Term Energy Outlook at 12:00 ET and the API crude inventory report at 16:30 ET are the two oil data points that will set Wednesday’s tone. If Brent stabilizes in the $87–93 range, the Ibovespa can work toward 183,000 and the market begins to price a Copom cut. If Brent rebounds above $95, the 180,000 handle gets retested and the cut probability drops. Key risk event ahead: US CPI (Feb) on Wednesday, the last major data point before both the FOMC and Copom next week..
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Related coverage: Ibovespa session | dollar-real exchange rate
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