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BRAZIL: BCB To Auction Up To $1.5bn At 1330BST, Budget Balance, Unemployment Due

BRAZIL
  • The BCB has said that it will auction as much as $1.5bn today, following recent volatility in BRL. The auction will take place from 1330BST to 1335BST (0830-0835ET) on the spot market, with prices based on the so-called PTAX rate, the official fixing for the currency. The last time the BCB intervened was in December 2021.
  • Separately, BCB President Campos Neto said yesterday that the central bank needs to see further convergence of inflation to the goal, despite the recent improvement in the quality of the data. He noted that core measures are improving, but reiterated that inflation expectations are quite de-anchored, influenced by the fiscal outlook, while the economy is showing strength at the margin. Today, Campos Neto is due to speak at the Expert XP 2024 event in Sao Paulo at 1500BST(1000ET).
  • On the data front, budget balance data for July will be released at 1230BST(0730ET), followed by July unemployment figures at 1300BST. Analysts see the primary deficit narrowing to BRL 6.9bn, from BRL 40.9bn in June, while the unemployment rate may tick down to 6.8%.
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