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IGP-M Inflation Gauge Continues Downtrend

BRAZIL
  • The Brazilian real has joined the global risk-on sentiment, opening around 1% firmer in line with regional peers. Initial firm support is unchanged at 5.2445, the Nov 10 low.
  • November IGP-M, a second-tier inflation gauge focused on wholesale prices, came in at 5.9% y/y vs 6.13% estimate and down from 6.52% in October.
  • Central Bank‘s Economic Policy director Diogo Guillen speaks at JPMorgan’s Brazil Opportunities Conference, in Sao Paulo at 1:30pm
  • Economy Ministry will release central government budget figures at 2:30pm local, followed by a press conference with the Treasury Secretary, Paulo Valle.
  • The focus on the domestic data calendar is third quarter GDP, scheduled for release on Thursday.
  • Latest headline: BRAZIL'S LOPES SAYS WORKERS PARTY MAY BACK SPEAKER REELECTION (BBG)

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