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July Retail Sales, USDBRL Approaching Support

BRAZIL
  • Retail sales volume probably rose by 0.5% in July on a monthly basis, according to the median of estimates gathered in a Bloomberg survey, after remaining stable in prior reading. The data is due at 1300BST/0800ET:
    • July Retail Sales YoY, est. 2.0%, prior 1.3%
    • July Retail Sales MoM, est. 0.5%, prior 0%
    • July Retail Sales Broad YoY, est. 7.1%, prior 8.3%
    • July Retail Sales Broad MoM, est. 0.2%, prior 1.2%
  • The Brazilian real may open with further positive sentiment amid gains in commodities after better-than-expected economic data in China. China’s industrial production and retail sales jumped more than expected, fuelling hopes that stimulus measures may be working their way through the economy. Boosted Iron ore prices are likely to provide an additional tailwind for BRL.
  • Support to watch for USDBRL is 4.8416, the Aug 10 low. A break would threaten the current bullish theme and expose key support at 4.6964, the Jul 28 low.
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