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SOUTH AFRICA

SARB Leaves Rates Unchanged at 3.50%

PIPELINE

Chile 3Pt on Tap

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  • Impressive reversal for Brazilian assets following Friday's sell-off. The Brazilian real comes roaring back, leading global gains on Monday and once again approaching the notable 5.00 level.
  • USDBRL trend conditions remain bearish with attention on this support. A clear break lower would open 4.8187 further out, Jun 8, 2020 low.
  • Local stocks performing well, potentially reinforced by JPMorgan lifting its 2021 year-end target for Brazil's Ibovespa index to 140,000 from 134,000, anticipating that the country's growth outlook will improve as it reopens from the pandemic. New forecast implies upside potential of about 9% from Friday's close.
    • USDBRL down 1.36% at 5.0223
    • BRLMXN up 0.69% at 4.085
    • WTI Crude Oil (front-month) up $1.73 (2.41%) at $73.43
    • S&P E-Mini Future up 59.75 points (1.44%) at 4213.5
    • Brazil Ibovespa up 1007.1 points (0.78%) at 129195.8
    • Brazil DI Swaps:
    • 2-yr -12 bps at 7.12%
    • 5-yr -14 bps at 8.44%
    • 10-yr -17 bps at 9.18%