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- The lower house approved a bill that creates the Auxilio Brasil social program, in replacement of Bolsa Familia, without a defined value of assistance. That amount will be decided after Precatorios bill approval.
- Senate head Pacheco said the bill would be analysed by the senate fast with preliminary reports assuming the bill to be discussed by Senate committee on Nov. 30.
- The Brazilian real has understandably come under pressure at the open and the losses are almost exactly in line with MXN weakness overnight and CLP weakness from the open.
- USDBRL trades around 5.6350, up 1.25%. Resistance at 5.6068, Nov 5 high has been breached recently and this strengthens short-term bullish conditions plus signals scope for a climb towards the channel top at 5.7891.
- Todays data includes:
- 1230GMT/0730ET: Oct. Total Outstanding Loans, est. 4.49t, prior 4.43t
- 1230GMT/0730ET: Oct. Personal Loan Default Rate, prior 4.2%
- 1230GMT/0730ET: Oct. Outstanding Loans MoM, est. 1.4%, prior 2.0%
- October Formal Job Creation – Estimate 260k versus Prior 313.9k