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Corpus Christi Holiday, Strikes Could Stall BCB Data Release

BRAZIL
  • Local markets are closed Wednesday for Corpus Christi Holiday. Late yesterday, unions announced a partial work stoppage including workers at the Brazil Central Bank – effective on June 13th and 16th. Historic strikes at the central bank had caused delays and cancellations in data releases – although had little impact on monetary policy. It is worth noting that the next Copom decision is not scheduled until June 21.
  • TD Securities issued a new trade recommendation overnight: sell NZD/BRL at 2.9662, to target 2.7860 with a stop/loss at 3.0730. They cite diverging growth dynamics and accommodative fiscal policy in Brazil setting up the BCB to disappoint market expectations for a near-term rate cut.
  • Lastly, tighter liquidity conditions and lower issuance has prompted Citigroup to dismantle its Latin American corporate bond trading desk, according to reports in Bloomberg.
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