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BRAZIL: September Tax Collection Due, Campos Neto Speaks In Washington

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • USDBRL closed broadly unchanged at 5.6995 yesterday, after initial gains were largely unwound following comments by BCB Governor Campos Neto, who said that the convergence of domestic inflation had stalled. He also said that it is very difficult to cut rates when fiscal estimates are unanchored. USDBRL remains above previous resistance at 5.6917, the Aug 30 high, exposing 5.7422, the 76.4% retracement of the Aug 5 - 19 bear leg.
  • On the data front, the country’s tax agency will publish collection figures for September at 1430BST(0930ET), which will be followed by a press conference at 1500BST. Analysts expect tax collections to come in at BRL 201.1bn last month, down slightly from BRL 201.6bn in August. Formal job creation data for September may also cross later.
  • Meanwhile, President Lula, who is unable to attend the BRICS summit in Russia, is due to hold a phone call with President Putin at 1330BST(0830ET). BCB Governor Campos Neto is in Washington, where he will grant an interview with CNBC at 1700BST(1200ET) and give a lecture at an event organised by the G-20 and BIS at 2015BST(1515ET).
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  • USDBRL closed broadly unchanged at 5.6995 yesterday, after initial gains were largely unwound following comments by BCB Governor Campos Neto, who said that the convergence of domestic inflation had stalled. He also said that it is very difficult to cut rates when fiscal estimates are unanchored. USDBRL remains above previous resistance at 5.6917, the Aug 30 high, exposing 5.7422, the 76.4% retracement of the Aug 5 - 19 bear leg.
  • On the data front, the country’s tax agency will publish collection figures for September at 1430BST(0930ET), which will be followed by a press conference at 1500BST. Analysts expect tax collections to come in at BRL 201.1bn last month, down slightly from BRL 201.6bn in August. Formal job creation data for September may also cross later.
  • Meanwhile, President Lula, who is unable to attend the BRICS summit in Russia, is due to hold a phone call with President Putin at 1330BST(0830ET). BCB Governor Campos Neto is in Washington, where he will grant an interview with CNBC at 1700BST(1200ET) and give a lecture at an event organised by the G-20 and BIS at 2015BST(1515ET).