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CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

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Focus On Copom Minutes This Week

BRAZIL
  • On the data front, weekly trade balance figures will be released at 1800GMT(1400ET), with last week’s surplus being reported at $1.5bn. Earlier, FGV construction costs rose by 0.24% m/m in March, vs. +0.27% expected and +0.20% previously. In the week ahead, the BCB will publish the minutes to the recent Copom meeting, when it cut by 50bp and tweaked its forward guidance, tomorrow. Mid-month IPCA inflation data will also be released on Tuesday, followed by the BCB’s quarterly inflation report on Thursday.
  • In the Copom minutes, Goldman Sachs note that they will be looking for what was discussed about the sources of “higher domestic uncertainty” mentioned in the policy statement. They will also analysing the spectrum of views among the directors with regard to the change in the forward guidance, as well as looking for an updated discussion about the labour market, wage pressures, and cost-push pressures on inflation. Finally, GS will be looking for any discussion about the implications for the monetary stance of the fact that baseline inflation forecasts remain above the 3% target.
  • Separately, on the political front today, President Lula will attend an event in Brasilia on a government program to financially support students today, starting at 1300GMT.
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