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'In a nutshell, after several decades of low growth and macroeconomic vulnerability Brazil's economy is in the strongest macroeconomic position ever,' Meirelles said in a conference call with reporters.

The country's industrial production also has room to rise without pressuring capacity utilization, he added.

'If we look at capacity utilization, it's moving up, but below the level pre-crisis,' he said.

Brazil exited a six-month recession last year ahead of many more developed economies. The country's benchmark stock index, the Bovespa, rose almost 83 percent in 2009.]]> melanie@nospam.com (traders) Wed, 20 Jan 2010 07:52:47 -0800 http://www.traderscommunity.com/news.php?item.34711.18 http://www.traderscommunity.com/news.php?item.34684.18
Brazil's longest-serving central bank president has repeatedly said he is considering running for public office and joined the centrist PMDB party last September to keep that option open.

He must decide by April 2 whether to step down and run for office, but so far he has said nothing about his intentions, leaving financial markets to rely mostly on media reports and speculation.

According to some reports, the path for Meirelles to run for the governorship of Goias state has been opened as the PMDB's favored candidate for the job, Iris Rezende, is dropping out of the race. A top PMDB official in the state denied Rezende was stepping aside.

But other reports say Meirelles is waiting for an invitation to run as a candidate for vice president in the ruling coalition. Still other reports say he is likely to stay on as central bank chief to the end of 2010 as President Luiz Inacio Lula da Silva has requested.]]> melanie@nospam.com (traders) Mon, 18 Jan 2010 13:20:14 -0800 http://www.traderscommunity.com/news.php?item.34684.18 http://www.traderscommunity.com/news.php?item.34654.18
At the same time, the bank warned it could raise borrowing costs if the new tariffs fuel more inflation than policy-makers are expecting.

A deep recession ended in Mexico in the third quarter of last year but it could be years before the economy fully recovers.

'The levels of (economic) activity will be below GDP's potential during the present year,' the central bank said in a statement, adding that a weak economy will 'weaken the transfer' of price pressure into wider inflation.

The central bank left its benchmark interest rate unchanged at 4.50 percent at its fifth straight policy meeting, as was expected unanimously in a Reuters poll.]]> melanie@nospam.com (traders) Fri, 15 Jan 2010 08:40:53 -0800 http://www.traderscommunity.com/news.php?item.34654.18 http://www.traderscommunity.com/news.php?item.34599.18
Sales volumes rose 1.1 percent in November from October, the government's statistics agency IBGE said on Thursday.

Sales had been expected to climb 1.4 percent, according to the median forecast of 16 analysts surveyed by Reuters. Estimates for the rise in sales ranged from 0.7 percent to 2.3 percent.

October sales were revised up to an increase of 1.8 percent from the 1.4 percent previously reported.

Sales surged 5.9 percent in the furniture and home appliance sector in November. Overall, five of the eight sectors surveyed by the IBGE grew in November over October.

Retail sales jumped 8.7 percent in November from the same month a year earlier, less than the 9.2 percent median forecast in a Reuters survey of 18 analysts. The forecasts ranged from 7.8 percent to 13 percent.
]]> melanie@nospam.com (traders) Thu, 14 Jan 2010 02:49:49 -0800 http://www.traderscommunity.com/news.php?item.34599.18 http://www.traderscommunity.com/news.php?item.34513.18
The economy of the Andean country was hit in 2009 by the fallout from the global financial crisis, which reduced demand for Ecuador's main export, oil.

The country's economy grew 6.5 percent in 2008 but the government expects to report that growth slowed to about 1 percent in 2009.]]> melanie@nospam.com (traders) Tue, 12 Jan 2010 20:05:57 -0800 http://www.traderscommunity.com/news.php?item.34513.18 http://www.traderscommunity.com/news.php?item.34522.18
President Hugo Chavez announced the devaluation last week, cutting the exchange rate of the bolivar against the dollar by half for oil income and for imported goods deemed nonessential in a move to bolster state coffers.

The measure strengthens the financial balance sheet in South America's largest oil exporter but risks angering the leftist government's supporters ahead of a parliamentary election in September if prices rise and inflation speeds up.

Prices for international flights have already doubled, as the airlines charged the new 4.3 rate that applies to non-essential items. Since 2005 the bolivar was fixed at 2.15.

Thousands of shoppers mobbed stores to snap up imported TVs and computers, worried their savings will lose value.]]> melanie@nospam.com (traders) Tue, 12 Jan 2010 14:38:50 -0800 http://www.traderscommunity.com/news.php?item.34522.18 http://www.traderscommunity.com/news.php?item.34445.18
Chavez also created a $1 billion fund to jump-start the recession-hit, oil-reliant economy before elections in September when the opposition hopes to strip him of a parliamentary majority.

'Right now, there is absolutely no reason for anybody to be raising prices of absolutely anything,' Chavez said on his weekly TV show, two days after announcing a dual exchange system for the weakened currency, which had been on a fixed exchange rate.

'I want the National Guard on the streets with the people to fight against speculation,' Chavez said. 'Publicly denounce the speculator and we will intervene in any business of any size.'

The socialist Chavez has given the state a hefty role in managing the economy. During his 11 years in office he has nationalized most heavy industries and expropriated large farms. Business and finance are tightly regulated.

He says the devaluation will help make Venezuelan companies more competitive but warned that the government will take over shops and give them to workers if price rises are uncovered.

Chavez gave out phone numbers during the broadcast to report price gouging and asked his defense minister to prepare an 'offensive' against the practice.]]> melanie@nospam.com (traders) Sun, 10 Jan 2010 16:29:19 -0800 http://www.traderscommunity.com/news.php?item.34445.18 http://www.traderscommunity.com/news.php?item.34451.18
President Hugo Chavez said on Friday that he was setting the bolivar currency at a weaker rate than 2.15 per dollar, where it had been fixed for several years. The move will make foreign goods more expensive for Venezuelans and discourage imports.

The impact on most Latin American economies is expected to be slight. But Colombian merchants, already stung by a trade-stifling diplomatic dispute between conservative President Alvaro Uribe and leftist Chavez, are braced for the worst.

'We see no light on the horizon in terms of trade with Venezuela. Our exports were already being impacted. Now, on top of that, they're about to become super expensive,' said Tulio Zuluaga, head of Colombia's Asopartes automotive export group.]]> melanie@nospam.com (traders) Sun, 10 Jan 2010 15:28:06 -0800 http://www.traderscommunity.com/news.php?item.34451.18 http://www.traderscommunity.com/news.php?item.34422.18
Reuters reported Venezuela's President Hugo Chavez said on Friday the government was devaluing the bolivar currency, with two rates of 2.6 and 4.3 to the dollar.

The bolivar has been fixed at 2.15 to the dollar since 2005, but is widely considered to be overvalued and trades on a parallel black market at way over that rate.

Facing a recession and galloping inflation in the 11th year of his presidency, Chavez has been pressured by business for a devaluation in the South American oil-producer.

'All this has various objectives-boosting the productive economy, strengthening the Venezuelan economy, braking imports that are not strictly necessary, and stimulating export policy,' Chavez said in a televised speech.

He said the lower exchange rates would benefit sectors such as food and health.

The devaluation is likely to boost the state's bolivar revenues from oil and help local exporters, but add pressure on prices, which soared 25 percent in 2009, the highest in the Americas.]]> melanie@nospam.com (traders) Fri, 08 Jan 2010 17:02:59 -0800 http://www.traderscommunity.com/news.php?item.34422.18