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BRAZIL: 5.40 Continues to Provide Support for USDBRL, BCB's Guillen on Growth

BRAZIL
  • USDBRL has been unable to capitalise on downside momentum since the open, with 5.40 lows from earlier in the month continuing to support the pair. While the latest 2024 growth projections in the BCB’s quarterly inflation report were revised notably higher to 3.2%, BCB director Guillen has been on the wires indicating that second quarter GDP was clearly a surprise and that he expects the Q3 reading to be smaller. USDBRL has pared losses, but we remain 0.60% lower on the session.
  • Additional headlines from Guillen include:
    • There's resilience in consumption
    • Re-anchoring estimates is key for CPI on target (BBG)
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  • USDBRL has been unable to capitalise on downside momentum since the open, with 5.40 lows from earlier in the month continuing to support the pair. While the latest 2024 growth projections in the BCB’s quarterly inflation report were revised notably higher to 3.2%, BCB director Guillen has been on the wires indicating that second quarter GDP was clearly a surprise and that he expects the Q3 reading to be smaller. USDBRL has pared losses, but we remain 0.60% lower on the session.
  • Additional headlines from Guillen include:
    • There's resilience in consumption
    • Re-anchoring estimates is key for CPI on target (BBG)