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Overnight Trade Recap

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  • Brazil's economy minister Guedes rebuffed the IMF's projections (+1.5%) for growth next year, claiming that Brazil would grow at twice the rate forecast by the body. Guedes added that Brazil are to approve tax and administrative reforms by the end of the year, including the privatization of both Eletrobras and the postal service.
  • Fuel tax legislation passed to the Lower House for analysis late yesterday, with lawmakers quickly approving the main text of the bill, rejecting all amendments in the process. The bill is seen cutting gasoline prices by as much as 8%, according to Speaker Lira, but would need to pass the Lower House floor first ahead of Senate approval.
  • The BCB are to hold further FX swap operations Thursday, starting with a 20,000 contract auction at 0930 local time, followed by a 15,000 contract rollover operation two hours later.