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Campos Neto Meets Banks CEOs, Dollar Weakness/China May Bolster BRL

BRAZIL
  • USDBRL will likely open under pressure amid broad greenback weakness against a backdrop of bolstered risk sentiment stemming from positive Covid news out of China.
  • Inflation as measured by the IGP-M index rose slightly ahead of expectations:
    • Brazil May IGP-M inflation rises 0.52% M/m, Est. +0.50%
    • Brazil May IGP-M inflation rises 10.72% Y/y; Est. +10.69%
  • Brazil’s S10 diesel reserves are enough for 38 days without imports, the Ministry of Mines and Energy says in a statement, after news published in the media regarding a letter sent by Petrobras warning about potential diesel shortages. (BBG)
    • After the conflict in Ukraine began, the Ministry intensified the monitoring of logistical flows and the supply of oil, natural gas and derivatives, the statement says.
    • Aspects cited by Petrobras in the letter, such as reduced supply and pressured global diesel inventories, are facts known and monitored by the Ministry.
  • First quarter GDP data will be released on Thursday, where growth is expected to pick up to 1.2% Q/q from a prior reading of 0.5%.
    • Today, Central bank director Bruno Serra attends Kinea public event at 11am local.
    • Additionally, Campos Neto Meets Banks CEOs in Sao Paulo throughout Monday.
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