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Manufacturing PMI/Trade Balance Data Due, S&P Affirms Rating

BRAZIL
  • USDBRL has reversed the entire Powell-fuelled dollar surge and trades in close proximity to the week’s open amid firmer risk sentiment. The flattening of the US yield curve lent support to the DI curve, increasing its inversion.
  • Brazil’s Senate is expected to vote on the bill that will change the spending cap and court ordered payments rule in order to generate funding for President Bolsonaro’s flagship social program “Auxilio Brasil”.
    • Despite the initial negative repercussions to the announcement, markets will most likely welcome the bill passing as it is considered the least damaging option considered by the President.
  • Today’s data includes:
    • 1300GMT/0800ET: Nov. Markit Brazil PMI Manufacturing, prior 51.7
    • 1800GMT/1300ET: Nov. Trade Balance Monthly, est. -$1.3b, prior $2b
    • 1800GMT/1300ET: Nov. Imports Total, est. $23.3b, prior $20.5b
    • 1800GMT/1300ET: Nov. Exports Total, est. $21.8b, prior $22.5b
  • Separately, S&P affirmed their 'BB-/B' sovereign credit ratings on Brazil; Outlook Stable
    • The stable outlook assumes that the government will be able to undertake a gradual fiscal consolidation and contain the growth on its already high debt burden over the next two years despite spending pressure and national elections in 2022.
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