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BRAZIL: 100bp Selic Rate Hike Expected, FX Credit Line Auction

BRAZIL
BulletEM BulletEmerging Market News
  • The BCB looks set to deliver another 100bp Selic rate hike to 13.25% at 2130GMT(1630ET), consistent with its forward guidance, which has indicated that it would raise rates by 100bp at each of the next two meetings.
  • Although the BRL has rallied this month, inflation expectations have continued to increase and fiscal pressures remain elevated, pointing to the need to move further into contractionary territory. Guidance will be closely monitored again for signals on the depth of the tightening cycle beyond March.
    • The full MNI preview, with analyst views is here.
  • Meanwhile, the BCB will hold an FX credit line auction of up to $2bn for the rollover of contracts expiring on Feb 4, 2025. It said that proposals will be accepted between 1320GMT and 1325GMT(0820-0825ET).
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  • The BCB looks set to deliver another 100bp Selic rate hike to 13.25% at 2130GMT(1630ET), consistent with its forward guidance, which has indicated that it would raise rates by 100bp at each of the next two meetings.
  • Although the BRL has rallied this month, inflation expectations have continued to increase and fiscal pressures remain elevated, pointing to the need to move further into contractionary territory. Guidance will be closely monitored again for signals on the depth of the tightening cycle beyond March.
    • The full MNI preview, with analyst views is here.
  • Meanwhile, the BCB will hold an FX credit line auction of up to $2bn for the rollover of contracts expiring on Feb 4, 2025. It said that proposals will be accepted between 1320GMT and 1325GMT(0820-0825ET).