Brazil HD data for Feb 2016 shows exports as the joker in the pack

In a month during which Brazil’s Manufacturing PMI showed payroll depletion at its second highest rate since 2007, a BRL-USD rate now north of four and, just for good measure, the Lava Jato corruption investigation picking off its highest profile scalp to date - former President Lula da Silva – any optimism with regard not only to Brazil’s truck market but Brazil’s industrial economy in general would likely be misplaced.