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Inflation Ahead of Forecast, BRL Nearing Multi-month High

BRAZIL
  • IGPM inflation came in slightly ahead of expectations, with both M/M and Y/Y readings coming in around 0.1ppts ahead of expectations.
  • The BCB hold another FX swaps auction at 1130 local time, rolling over contracts due to expire August 2nd.
  • The health ministry have confirmed they are to receive a further 2.3mln doses of the Pfizer Coronavirus vaccine in early June, in addition to the 630,000 doses received yesterday.
  • BRL rallied sharply Thursday, pressuring USD/BRL to the lowest level since the early May and nearing multi-month lows of 5.1979. BRL outperformed broader LatAm currency space, helping buoy the MSCI EM currency index to new record highs.
  • BCB's Campos Neto holds videoconferences with UBS and Suzano SA later today, so may see some headline flow.

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