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Fuel Amendment Bill To Be Presented

BRAZIL
  • USDBRL maintains a firmer tone following last week’s gains and the pair is trading at its recent highs. Price has breached key resistance at 5.2090, the May 12 high. The break strengthens bullish conditions and opens 5.3083 initially, 61.8% of the Dec 21 ‘21 - Apr 5 bear leg.
  • Senator Fernando Bezerra Coelho once again postponed the presentation of his report on the constitutional amendment on fuels, informed a spokesperson for the lawmaker’s office.
    • Fuels amendment bill rapporteur in the Senate is expected to present his report on Wednesday morning.
    • Senator’s office informed that he is redoing the math so that any changes in the text do not extrapolate the fiscal impact of 34.8b reais announced last week.
  • Inflation as measured by the IGP-M index was released earlier this morning:
    • Brazil June IGP-M Inflation Rises 0.59% M/m, Est. +0.70%
    • Brazil June IGP-M Inflation Rises 10.70% y/y; Est. +10.83%
  • One of Brazil’s most revered investors is bracing for a longer period of high inflation and elevated interest rates as leading presidential candidates double down on increasing public expenditures, jeopardizing the country’s fiscal outlook. (Bloomberg)
    • “Almost every single Brazilian presidential election held since the country’s redemocratization was binary,” Luis Stuhlberger, chief executive officer and chief investment officer at Verde Asset Management said at an event Tuesday. “This time around, investors consider them to be both bad candidates -- each in their own way.”
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