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Brazil's activity recovery slowed in November, with real activity rising 0.59% m/m sa, slightly above consensus, though still 0.83% below 2019 levels. Colombia's January BanRep survey showed analysts expecting higher growth and inflation of 2.69% y/y for December 2021, with anchored expectations.
A slower Brazilian recovery and fading fiscal support point to softer domestic feed demand growth, a modest factor for the real and regional commodity demand.
scotiabank.comJan 19, 2021After 92 past neutral macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
