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BCB Focus Survey, June Manufacturing PMI Due, Campos Neto At Sintra

BRAZIL
  • The Brazilian real continued to underperform on Friday, as markets remained concerned about on-going fiscal pressures and the division between the administration’s desire for a lower Selic rate and the current BCB cautious stance to counter de-anchored inflation expectations. BCB Director Galipolo said that the weakening real remains a point of concern for policymakers, as USDBRL closed just shy of 5.60, its highest close since January 2022. The next topside level is 5.6428 - the 1.236 projection of the Dec27 '23 - Apr 16 - May 3 price swing, before multiple highs around the 5.75 mark.
  • Today, the BCB will publish its usual Focus survey at 1225BST(0725ET), with attention remaining on analysts inflation expectations and forecasts for USDBRL, which continued to edge higher last week. June manufacturing PMI data are also due at 1400BST(0900ET).
  • Meanwhile, BCB President Campos Neto is in Portugal today, where he will join the ECB summit in Sintra.
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