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MNI China Daily Summary: Tuesday, April 2

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Central Bank To Continue Intervention Via USD Spot Auction

BRAZIL
  • Despite the continued efforts of the BCB to minimise the negative impact on the currency, BRL suffered to start the week, falling roughly 1% versus the dollar.
  • The local currency may benefit from the weaker dollar overnight and the additional tailwind of a USD spot auction, held by the central bank between 9:30am-9:35am Brasilia time, where the BCB will accept up to $500m.
  • Additionally, Treasury auctions of inflation-linked NTN-B local notes due 2026, 2030 and 2055.
  • USDBRL technical conditions remain bullish and recent price action opens the 5.60 handle and 5.6428, 76.4% of the Mar - Jun downleg. Initial firm support is unchanged at 5.3534, Oct 1 low.
  • A fairly light week for domestic data releases, with the highlight being September current account balance and FDI, scheduled for Friday.
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