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BRAZIL: September Manufacturing PMI Due, Campos Neto To Give Lecture

BRAZIL
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  • USDBRL closed marginally higher at 5.4496 yesterday, but remains well below last month’s highs above 5.67. It is still possible that the sell-off in USDBRL since then is a correction. However, the break of the 50-day average does signal scope for a deeper retracement. Attention is on the next key support at 5.3768, the Aug 19 low.
  • On the data front, manufacturing PMI figures for September will be published at 1400BST(0900ET). In August, the PMI declined to 50.4, from 54.0. Meanwhile, data released late yesterday showed that Federal debt fell to BRL 7.036tn in August, from BRL 7.14tn in July, driven by a decline in domestic debt. This was below the consensus estimate of BRL 7.261tn.
  • President Lula will attend Claudia Sheinbaum’s inauguration ceremony in Mexico City from 1800BST(1300ET) today. Elsewhere, BCB Governor Campos Neto is due to give a lecture at a public event promoted by Crescera Capital at 1620BST(1120ET).
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  • USDBRL closed marginally higher at 5.4496 yesterday, but remains well below last month’s highs above 5.67. It is still possible that the sell-off in USDBRL since then is a correction. However, the break of the 50-day average does signal scope for a deeper retracement. Attention is on the next key support at 5.3768, the Aug 19 low.
  • On the data front, manufacturing PMI figures for September will be published at 1400BST(0900ET). In August, the PMI declined to 50.4, from 54.0. Meanwhile, data released late yesterday showed that Federal debt fell to BRL 7.036tn in August, from BRL 7.14tn in July, driven by a decline in domestic debt. This was below the consensus estimate of BRL 7.261tn.
  • President Lula will attend Claudia Sheinbaum’s inauguration ceremony in Mexico City from 1800BST(1300ET) today. Elsewhere, BCB Governor Campos Neto is due to give a lecture at a public event promoted by Crescera Capital at 1620BST(1120ET).