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Brazil March Retail Sales Due, USD Index Extends Gains To 0.38%

LATAM
  • Brazil March retail sales headline the LatAm docket on Wednesday, in an otherwise quiet session for data. Focus remains on Thursday’s Banxico rate decision as well as Chile’s first quarter GDP.
  • President Biden and congressional leaders in both parties emerged from a White House meeting on Tuesday offering glimmers of hope about eventually reaching a deal to raise the nation’s borrowing limit, even as they conceded they were still far from averting a default that could come as soon as June 1.
  • China's economy likely grew between 4.5-5% in April, according to analysts interviewed by 21st Century Herald. Analysts said the industrial sector recovered slower than the service industry and that Tuesday's data release showed growth lower than potential output. Authorities must do more to boost demand, they said. Credit was used in the past to boost demand in previous economic cycles which led to higher debt, however, fiscal policy should be more active to boost consumption.
  • The greenback is extending the modest run higher posted into the Tuesday close, seeing the USD Index briefly pierce 103.00 as markets read positive tones into the meetings held between POTUS and Republican leaders. US housing starts and building permits data take focus going forward.
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