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IPCA-15 Inflation Data In Focus, Greenback/Risk To Weigh On USDBRL

BRAZIL
  • Tuesday will see the release of mid-month IPCA inflation data. The annual reading looks set to remain above 12.00% which may confirm the likelihood of additional Copom tightening at the June 15 meeting.
    • Central bank directors Diogo Guillen, Bruno Serra and Fernanda Guardado meet with economists in two groups; first one to take place at 10am and second one at 2pm Brasilia time.
  • Separately, 2022 presidential election front-runner Luiz Inacio Lula da Silva attends a political parties meeting in Sao Paulo at 10am, according to his press office.
    • Lula’s running mate Geraldo Alckmin is also expected to attend the meeting.
  • Brazil’s government is freezing 8.2b reais more in expenses from its 2022 budget, according to the report of primary revenues and expenses for March-April disclosed by the Economy Ministry, adding to another 1.7b reais already set aside in Jan.-Feb.
    • Additional contingency value does not encompass public servants’ wage hikes, the report shows, and follows an increase in several expenses, including the 2022/23 crop plan funding as well as court-related outlays. (BBG)
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