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Focus On BCB Minutes And Upcoming Quarterly Inflation Report

BRAZIL
  • Focus this week will be on the central bank's minutes from last week's meeting as well as the quarterly inflation report due on Thursday. The mid-September IPCA inflation print came in at 1.14% MoM, 10.1% YoY -- the highest since Feb. 2016. Despite Brazil's swaps curve shifting lower ahead of the Copom decision/statement an upward trajectory for DI swap rates ensued to finish the week.
  • Brazil's central bank said on Friday it would hold additional twice weekly auctions of traditional currency swaps, starting Sept. 27, to address demand from banks dismantling their "over-hedge" position to protect against exchange rate fluctuations. (NP)
    • The auctions will be held on Mondays and Wednesdays. The central bank said in a statement that on Monday it would auction 14,000 traditional swap contracts, equivalent to $700 million, with maturities between June 1 and Sept. 1, 2022. This will occur between 10:30am-10:40am, Brasilia time.
    • The key support and bull trigger for USDBRL is unchanged at 5.4741, Aug 20 high.
  • Central bank releases Focus survey, with analysts' estimates for GDP, FX, inflation and Selic rate, on its website shortly.
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