MNI BRIEF: Copom Watching Range of Data - BCB's Galipolo

MNI (BRASILIA) - Brazil's central bank deputy governor for monetary policy, Gabriel Galipolo, said Monday it would be a mistake to try to anticipate what the monetary policy committee (Copom) will do at its next meeting based on any single variable, as the board is data-dependent. 

"I want to reaffirm that we are four weeks away from the next Copom meeting, and we still have a series of data that need to be observed," Galipolo said at an event sponsored by the communication group "VB Comunicação" in Belo Horizonte.

Among the indicators that Copom is closely monitoring are service inflation, the exchange rate, economic activity and labor market data, as well as external factors, especially the Fed's next steps, Galipolo said. (See MNI POLICY: BCB Divided Over Risks To Inflation) A strengthening real in recent days have prompted speculation there is less need for the BCB to raise interest rates in September.