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Lula Launches Alliance Against Hunger At G-20

BRAZIL
  • At the G-20 meetings today President Lula kicked off a global effort to end hunger and extreme poverty, which he aims to make a centrepiece of Brazil's G20 presidency. He said that Brazil’s plan for an alliance against hunger was backed at the G-20 and that the initiative will be officially launched in November.
  • USDBRL remains around 0.6% higher on the day at 5.62, amidst the general risk-off tone which has seen a further rally in JPY due to continued short-covering and equity market weakness. USDBRL has risen almost 5% since its July 11 low, narrowing the gap to next resistance at 5.7134.
  • IPCA-15 inflation data for July will be released tomorrow, with consensus for a 0.23% m/m increase in prices, lifting the annual rate of inflation to 4.38% y/y, from 4.06%. Analysts see scope for underlying industrials inflation to decelerate to 1.8% on a 3mma saar, but underlying services inflation may remain closer to 4%.
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