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BCB Speak In Focus, PMI Data Due Today & IPCA Inflation Wednesday

  • The key data release this week in Brazil will be the IPCA inflation figures for May where the annual rate of inflation is expected to decline further to 4.04%. This will be the final inflation data before the June 21 Copom meeting/decision. At the top of the hour today we have PMI data due:
    • May S&P Global Brazil Composite PM, prior 51.8
    • May S&P Global Brazil Services PMI, prior 54.5
  • BCB President Roberto Campos Neto will speak at an event of coffee growers in Minas Gerais state; he will talk at 10am and 1.30pm ET.; it is not clear if he will focus on monetary policy. Separately, Central Bank director Diogo Guillen grants lecture at Bradesco BBI London Conference on the economic scenario at 1100 ET.
  • Brazil’s government program to stimulate the sale of new cars may come out with a different model from the one initially presented, replacing the tax rebate with bonuses of 2,000 to 8,000 reais, according to reports in local newspaper Estado citing people familiar with the discussions on Friday.

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