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Link To RBA Governor Lowe's Testimony


Futures Little Changed Overnight


Social Distancing Measures To Be Reviewed


(U1) Fades Off 2021 Highs


Holding Above 0.7400 But Headwinds Abound

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  • Yesterday's IPCA figures showed monthly inflation for May at a 25-year high for that month and the annual rate above 8% for the first time since 2016. Despite multiple tests around 5.01/02, USDBRL has been unable to breach the December 2020 lows and pierce through the 5.00 mark. Markets may be wary of US inflation prints due today and taken the opportunity to square positions ahead of the data, prompting a close roughly 1% off the lows.
  • Brazil has some "issues" with inflation right now, but it will peak in June or July then fall toward the central bank's target range thanks to combined monetary and fiscal policy action, a senior Economy Ministry official said on Wednesday. (National Post)
  • *Brazilian Treasury auctions fixed-rate LTN local notes due 2022, 2023 and 2024; fixed-rate NTN-F notes due 2029 and 2031; and Selic-linked LFT notes due 2022 and 2027. The volume of notes will be released at 10:30am, auctions will happen at 11:45am.