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May Industrial Production, June Services PMI Due

BRAZIL
  • USDBRL edged higher yesterday, as well-known fiscal risks and the ongoing spat between President Lula and BCB Governor Campos Neto continued to pressure the real. The pair tested the 5.70 level during the session, before easing lower to close just below 5.68. On the upside, a cluster of late-2021 highs around 5.75 provides the next point of note, while initial support to watch lies at 5.4499, the 20-day EMA.
  • Today, the Campos Neto remains at the ECB central banking conference at Sintra today, where he is due to hold internal meetings.
  • On the macro front, industrial production data for May are published at 1300BST(0800ET), with the market expecting a further 1.4% m/m decline, following a 0.5% fall in April. In annual terms, IP is expected to fall by 1.7% y/y, vs. +8.4% previously. Services and composite PMI figures for June will then follow at 1400BST(0900ET).
    • May Industrial Production YoY, est. -1.7%, prior 8.4%
    • May Industrial Production MoM, est. -1.4%, prior -0.5%
    • June S&P Global Brazil Composite PM, prior 54.0
    • June S&P Global Brazil Services PMI, prior 55.3
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