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BRAZIL: Copom Did Not Discuss 50BP Hike, USDBRL Consolidates Opening Weakness

BRAZIL
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  • (MNI) The governor of Brazil's Central Bank, Roberto Campos Neto, said Thursday that the board did not discuss a 50-basis-point hike in last week's meeting, reiterating that the committee chose not to provide forward guidance.
  • "In the minutes, we try to elaborate more on the different opinions regarding the major themes. So, if there had been a group that considered a 50-basis-point hike, we would have written in the minutes that a group considered it. If it's not in the minutes, it's because we didn't have that debate," Campos Neto said during the Quarterly Inflation Report press conference in Sao Paulo.
  • This could have provided a very moderate dovish development, given some analysts saw scope for a 50bp move heading into last week’s meeting. Indeed, USDBRL has been unable to extend on the move lower at the open, holding a tight 5.42/45 range over the majority of the US session. 
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  • (MNI) The governor of Brazil's Central Bank, Roberto Campos Neto, said Thursday that the board did not discuss a 50-basis-point hike in last week's meeting, reiterating that the committee chose not to provide forward guidance.
  • "In the minutes, we try to elaborate more on the different opinions regarding the major themes. So, if there had been a group that considered a 50-basis-point hike, we would have written in the minutes that a group considered it. If it's not in the minutes, it's because we didn't have that debate," Campos Neto said during the Quarterly Inflation Report press conference in Sao Paulo.
  • This could have provided a very moderate dovish development, given some analysts saw scope for a 50bp move heading into last week’s meeting. Indeed, USDBRL has been unable to extend on the move lower at the open, holding a tight 5.42/45 range over the majority of the US session.