Top economic advisor maps out the plan.
Antiestablishment candidate Jair Bolsonaro won Brazillian election over Fernando Haddad (Workers Party) with 55.5% of the vote.
Bolsonaro has pledged to usher in a new era of order and progress. His campaign Lord Rich and poor voters were tired of the political corruption and spiraling.
Haddad was the stand in candidate for former Pres. Luiz Inacio Lula da Silva who was jailed for corruption. He had struggled to overcome voters hatred of the Workers Party. That party has ruled last 15 years over which time the country suffered its deepest recession in addition to rampant corruption and crime.
Bolsonaro survived an assassination attempt in September and mostly campaigned from his home via social media.
Haddad was the puppet of da Silva from his jail cell. Mr. Haddad registered as Mr d Silva’s lawyer which allowed him to have frequent visitatation rights with jailed ex-president.
And to think I thought the political system in the US was quirky.
The top economic advisor is on the wires saying:
- we will try to erase budget deficit within a year
- we will negotiate with more countries, priority is not Mercosur. Mercosur is an economic and political bloc comprising Argentina, Brazil, Paraguay, Uruguay, and Venezuela.
- 1st priority is pension reform
- we must simplify and reduce taxes
- cutting payroll taxes will generate 10 million jobs
- there will be an overhaul of regulations regarding infrastructure investments
The USDBRL closed on Friday at 3.6421. That was just above the 200 day MA at 3.6339. A move below that MA would be the first break since March 2018