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BCB Focus Survey Due At 1225BST

BRAZIL
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  • BRL outperformed at the end of last week as the latest political noise around Petrobras gradually faded, with the currency gaining by 0.49% against the dollar on Friday. Support around the 50-day EMA, at 5.0852, has recently been pierced. A clear breach would open 4.9984, the Apr 10 low. Key short-term resistance has been defined at 5.1969, the Apr 30 high.
  • The BCB will publish its latest Focus survey at 1225BST(0725ET). Last week, analysts raised their year-end forecast for the Selic rate to 9.75%, while CPI forecasts also edged higher. April tax collection data will also be published at some point in the coming days, while later this week, April current account and FDI data will cross.
  • Meanwhile, the government said it would pay BRL 464mn in special transfers to Rio Grande do Sul cities this week. Institutional Relations Minister Alexandre Padilha said that this money should be made available immediately to the Municipal Participation Fund for municipalities declared to be in a calamity situation. The government will also send a provisional measure to make hiring related to the calamity in the state more flexible.
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  • BRL outperformed at the end of last week as the latest political noise around Petrobras gradually faded, with the currency gaining by 0.49% against the dollar on Friday. Support around the 50-day EMA, at 5.0852, has recently been pierced. A clear breach would open 4.9984, the Apr 10 low. Key short-term resistance has been defined at 5.1969, the Apr 30 high.
  • The BCB will publish its latest Focus survey at 1225BST(0725ET). Last week, analysts raised their year-end forecast for the Selic rate to 9.75%, while CPI forecasts also edged higher. April tax collection data will also be published at some point in the coming days, while later this week, April current account and FDI data will cross.
  • Meanwhile, the government said it would pay BRL 464mn in special transfers to Rio Grande do Sul cities this week. Institutional Relations Minister Alexandre Padilha said that this money should be made available immediately to the Municipal Participation Fund for municipalities declared to be in a calamity situation. The government will also send a provisional measure to make hiring related to the calamity in the state more flexible.