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Continued Intervention To Stabilise BRL, Economic Activity Due

BRAZIL
  • Last week's break of 5.4741 in USDBRL, Aug 20 high confirmed a resumption of the uptrend that started Jun 25. The level was breached to the downside yesterday, however initial firm support is unchanged at 5.3534, Oct 1 low.
  • Brazil's central bank said yesterday it will offer a currency swap auction of up to $1 billion on Friday, its third consecutive daily sale, as it seeks to prop up the local currency. This will be held between 9:30am-9:40am Brasilia time, on top of the usual FX rollover swap auction starting at 11:30am.
  • Additionally, today Brazil's Central Bank Chief Roberto Campos Neto speaks at Goldman Sachs Growth Markets Conference, 2pm (also Brasilia time)
  • B3 Exchange stock options expiration.
  • At the top of the hour we will see activity data for August:
    • 1300BST/0800ET: Aug. Economic Activity MoM, est. -0.08%, prior 0.60%
    • 1300BST/0800ET: Aug. Economic Activity YoY, est. 4.90%, prior 5.53%
  • Brazil's Senate is taking its time, but is willing to speed up as much as possible the analysis of the bill that sets the state-level ICMS tax on fuels, the head of Senate Rodrigo Pacheco told journalists.
    • For reference, the Lower House approved the main text of the bill late on Wednesday.
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