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Economic Activity For August Scheduled, Petrobras Announce Price Changes

BRAZIL
  • The BCB are scheduled to publish its economic activity index for August with an expected decrease on the month. However, the annual read is expected to increase. For reference, the index is seen as a monthly reference for the country’s GDP and will be disclosed at 1300BST/0800ET:
    • Aug. Economic Activity M/m, est. -0.60%, prior 0.44%
    • Aug. Economic Activity Y/y, est. 1.30%, prior 0.66%
  • Iron ore registered a 3.7% drop in Singapore and is headed for a fifth consecutive weekly decline, the longest losing streak in a year. Analysts note that persistent concerns about China’s property market and the conflict in the Middle East continue to hurt demand which could weigh on the Brazilian real at the open. USDBRL continues to hold above the 5.00 mark and technical conditions remain bullish amid the broad pressure on EMFX.
  • Overnight, Petrobras announced it will increase the diesel price, and cut gasoline as of October 21.
    • Average selling price of gasoline to distributors will be reduced by 12 centavos per liter, to 2.81 reais per liter (BBG)
    • Regarding diesel, there will be an increase of 25 centavos per liter in the average price, to 4.05 reais per liter (BBG)
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