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BRAZIL: BCB Focus Survey, FX Credit Line Auction

BRAZIL
BulletEM BulletEmerging Market News
  • The BCB publishes its usual weekly Focus survey at 1125GMT(0625ET), with analyst estimates for GDP, inflation, the Selic rate and USDBRL. Last week’s survey showed a stabilisation of interest rate expectations, with the Selic rate seen ending this year at 15.00% and next year at 12.00%.
  • Later this week, attention will be on IPCA-15 inflation figures on Friday, which is seen falling to 4.34% y/y in the first half of January, from 4.71% previously. These will be the last inflation data ahead of the Jan 29 Copom meeting, when the central bank is expected to deliver another 100bp hike, as outlined in its forward guidance in December. Current account and FDI stats for December are also due on Friday.
  • Meanwhile, the BCB has announced an FX credit line auction of up to $2bn for today. Two auctions will be held for a maximum of $1bn each, with proposals accepted from 1320GMT(0820ET) to 1345GMT(0845ET). On the political front, Presidential Lula will hold a ministerial meeting in Brasilia from 1200GMT(0700ET).
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  • The BCB publishes its usual weekly Focus survey at 1125GMT(0625ET), with analyst estimates for GDP, inflation, the Selic rate and USDBRL. Last week’s survey showed a stabilisation of interest rate expectations, with the Selic rate seen ending this year at 15.00% and next year at 12.00%.
  • Later this week, attention will be on IPCA-15 inflation figures on Friday, which is seen falling to 4.34% y/y in the first half of January, from 4.71% previously. These will be the last inflation data ahead of the Jan 29 Copom meeting, when the central bank is expected to deliver another 100bp hike, as outlined in its forward guidance in December. Current account and FDI stats for December are also due on Friday.
  • Meanwhile, the BCB has announced an FX credit line auction of up to $2bn for today. Two auctions will be held for a maximum of $1bn each, with proposals accepted from 1320GMT(0820ET) to 1345GMT(0845ET). On the political front, Presidential Lula will hold a ministerial meeting in Brasilia from 1200GMT(0700ET).