On Tuesday, Latin American currencies dropped as the dollar rose on market optimism that the
Omicron coronavirus strain would not inflict substantial harm to the economy, allowing the
Federal Reserve to hike interest rates.
After experiencing instability in thin trading in recent days, Brazil's real BRBY fell 0.7 percent to
lead the field in Latin America. On reports of President Jair Bolsonaro's hospitalization for an
intestinal obstruction over the weekend, the real continued to give back year-end gains.
Meanwhile, in a move that might impact meatpackers, US President Joe Biden announced new
guidelines and $1 billion in funding for small meat processors and ranchers this year as part of a
strategy to address a lack of "real competition" in the meat industry.
According to a White House research, Brazilian meatpacker JBS BSS3.SA, together with National
Beef Packing Co, Cargill, and Tyson Foods TSN.N, control from 55 percent to 85 percent of the
market throughout the pork, cattle, and chicken sectors. In early trade, JBS shares remained
Written by: Carolina Paixão and Lucas Scala
Edited by: Anna Kissajikian