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BRAZIL: Q2 GDP Due, Planning Minister Tebet Presents Budget Details To Senate

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • USDBRL closed marginally higher at 5.6178 yesterday, while DI swap rates further out the curve edged higher amidst the political uncertainty surrounding the Supreme Court and social media platform X and the ongoing fiscal concerns following the 2025 budget proposal. For USDBRL, sights are on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Firm support is at 5.5082, the 50-day EMA.
  • On the data front today, Q2 GDP is expected to rise by 0.9% q/q, following a 0.8% q/q gain in Q1, lifting the annual rate of growth to 2.7% y/y, from 2.5% (1300BST/0800ET). August vehicle sales figures from Fenabrave will also be released later. Meanwhile, Planning Minister Simone Tebet will present details on the 2025 budget proposal to the Senate at 1930BST(1430ET).
    • 2Q GDP QoQ, est. 0.9%, prior 0.8%
    • 2Q GDP YoY, est. 2.7%, prior 2.5%
  • In other news, Minister of Institutional Relations Alexandre Padilha said yesterday that the government expects that the hearing at the Senate Economic Affairs Committee, to analyse the nomination of Gabriel Galipolo as the new BCB head will take place on September 10. He added that is confident Galipolo’s appointment will be approved.
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  • USDBRL closed marginally higher at 5.6178 yesterday, while DI swap rates further out the curve edged higher amidst the political uncertainty surrounding the Supreme Court and social media platform X and the ongoing fiscal concerns following the 2025 budget proposal. For USDBRL, sights are on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Firm support is at 5.5082, the 50-day EMA.
  • On the data front today, Q2 GDP is expected to rise by 0.9% q/q, following a 0.8% q/q gain in Q1, lifting the annual rate of growth to 2.7% y/y, from 2.5% (1300BST/0800ET). August vehicle sales figures from Fenabrave will also be released later. Meanwhile, Planning Minister Simone Tebet will present details on the 2025 budget proposal to the Senate at 1930BST(1430ET).
    • 2Q GDP QoQ, est. 0.9%, prior 0.8%
    • 2Q GDP YoY, est. 2.7%, prior 2.5%
  • In other news, Minister of Institutional Relations Alexandre Padilha said yesterday that the government expects that the hearing at the Senate Economic Affairs Committee, to analyse the nomination of Gabriel Galipolo as the new BCB head will take place on September 10. He added that is confident Galipolo’s appointment will be approved.