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BCB Remains Concerned About Rising Inflation Expectations

BRAZIL
  • Hawkish rhetoric from BCB officials yesterday helped to support the Brazilian real, with the currency gaining by 0.84% against the dollar. Both BCB Governor Campos Neto and BCB Director Galipolo noted the consistent worsening of inflation expectations, which are said to have become a point of concern. For USDBRL, a clear breach of key resistance at 5.2869, the Apr 16 high, would open 5.3330 next. Initial support to watch lies at 5.1920, the 20-day EMA.
  • On the data front, all eyes will be on the US non-farm payrolls data at 1330BST(0830ET), where payrolls are expected to rise by 180k. Domestically, IGP-DI inflation is expected to rise 0.68% y/y in May, vs. -2.32% previously (1200BST/0700ET). Vehicle production and sales data for May will also be released at 1400BST.
  • In other news, President Lula reached an agreement with Congress and will not veto the new 20% tax on purchases of imported goods worth up to $50, which was approved in the Senate on Wednesday, according to local media. The bill will now return to the lower house.
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