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Administration Expects Senate Tax Reform Vote In October

BRAZIL
  • The Brazilian government expects the tax reform proposal being discussed in Congress to be voted on by the Senate in October, said the Finance Minister Fernando Haddad at an event in Sao Paulo. Separately, in an assessment of the administration’s first months in office, Haddad said that the government has managed to harmonize fiscal and monetary policies.
  • Brazil’s lower house of congress Wednesday approved legislation to regulate online sports betting and casinos, a plan the government estimates will generate 2 billion reais ($407 million) in revenues in 2024 as it seeks to balance the country’s budget.
  • Additionally, Valor has reported that the Chamber of Deputies began approving a small electoral reform on Wednesday, with changes to rules on accountability and the electoral calendar.
  • USDBRL traded with a bearish tone on Wednesday following the US CPI data which did little to alter the outlook for the upcoming Fed meeting. The pair edged further away from strong resistance at the pivotal 5.00 mark to close at 4.9163. Support to watch is 4.8416, the Aug 10 low. A break would threaten the current bullish theme and expose key support at 4.6964, the Jul 28 low.
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