BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

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US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Brazilian Real Holds Steady With Data Awaited

BRAZIL
  • Market participants will be eagerly monitoring the advance of the new fiscal framework in Congress. Despite both Lower House and Senate leaders have saying the bill will be quickly approved, recent footage of the riots on Jan. 8 has strengthened opposition’s demand for a probe, which has the potential to disturb the agenda. Senate President Rodrigo Pacheco said last Friday that lawmakers have a “sense of urgency” to vote the fiscal bill and that it will happen “under any circumstances”.
  • Markets could take their lead from upcoming data in the meantime with Tuesday’s retail sales report for February before the more important IPCA inflation data on Wednesday. Annual headline inflation for mid-April is expected to decline again to 4.2% from 4.65%. Confirmation of the result will embolden the administration’s call for a lower Selic rate.
  • Despite Friday’s close, USDBRL trades close to Thursday’s closing levels. Overall, the pair is holding on to its recent gains having recovered from the Apr 14 low of 4.8928. Despite this latest short-term recovery, the trend outlook remains bearish. The next firm resistance is seen at 5.1198, the 50-day EMA.
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