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All focus on the elections for heads of the Lower House and Senate today. We are not expected to receive an outcome before local market close.

Timeline:

  • It has been reported that proceedings should begin from 1700GMT/1400Local
  • 5pm local, the deadline for registering applications ends. After this deadline, the order of the candidates will be drawn on the electronic ballot box.
  • 7pm local, the process of choosing the new president is scheduled to begin. Under the House Rules, for a candidate to be elected, he needs an absolute majority of votes, that is, 257 of the 513 votes available.
  • A more detailed outlook to follow.

* USDBRL opening 0.7% lower in line with the bounce in risk with 5.50-5.53 resistance holding and becoming a more notable technical level going forward.

MNI London Bureau | +44 020 3983 7893 | jack.lewis@marketnews.com