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IPCA Inflation Expected To Rise to 8.41%

BRAZIL
  • Markets will focus on today's IPCA inflation data, ahead of the August BCB meeting where some analysts are now calling for a 100bps rate hike. The headline annual print is expected to rise to 8.41%. USDBRL consolidated above 5.20 yesterday and further pressure on EMFX may weigh on the Real at the open.
    • - 1300BST/0800ET: June IBGE Inflation IPCA y/y, est. 8.41%, prior 8.06%
    • - 1300BST/0800ET: June IBGE Inflation IPCA m/m, est. 0.59%, prior 0.83%
  • Comments from Minister Guedes on the currency:
    • If there wasn't "an internal war within the government", FX rate would be lower by now (referring to USDBRL), Brazil's Economy Minister Paulo Guedes says during a hearing at Lower House committee.
    • Brazil is having a record in exports, trade surplus, dollar should had plummeted by now, he says.
  • Treasury auctions fixed-rate LTN local notes due 2022, 2023 and 2025; fixed-rate NTN-F local notes due 2027 and 2031; and Selic-linked LFT notes due 2023 and 2027
  • Brazil Health Minister Marcelo Queiroga holds press conference, 11:30am Brasilia Time
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