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President Lula Holds Cabinet Meeting, Petrobras Q2 Earnings Due

BRAZIL
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • Brazilian assets posted further gains yesterday, aided by an improvement in risk sentiment. USDBRL closed 0.52% lower at 5.6332, having tested 5.60 earlier in the session. From a technical perspective, bullish conditions in USDBRL remain intact and the latest pullback is considered corrective. Key resistance is at 5.7008, the Jul 2 high. On the downside, initial support lies at 5.6113, the 20-day EMA, while the 50-day EMA lies at 5.4905.
  • Today, Petrobras is due to disclose its Q2 earnings report after market close today. Adjusted Ebitda is estimated at BRL 66.47bn in Q2. No macro data are due, with attention on tomorrow’s IPCA inflation release, which is expected to show a further rise in headline inflation to 4.47% y/y in July, from 4.23%.
  • Meanwhile, President Lula will hold a cabinet meeting at 1300BST(0800ET). Elsewhere, BCB President Campos Neto is due to speak at a public event at 1300BST, followed by several meetings including one with banks association Febraban President Isaac Sidney and various bank CEOs at 1730BST.
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  • Brazilian assets posted further gains yesterday, aided by an improvement in risk sentiment. USDBRL closed 0.52% lower at 5.6332, having tested 5.60 earlier in the session. From a technical perspective, bullish conditions in USDBRL remain intact and the latest pullback is considered corrective. Key resistance is at 5.7008, the Jul 2 high. On the downside, initial support lies at 5.6113, the 20-day EMA, while the 50-day EMA lies at 5.4905.
  • Today, Petrobras is due to disclose its Q2 earnings report after market close today. Adjusted Ebitda is estimated at BRL 66.47bn in Q2. No macro data are due, with attention on tomorrow’s IPCA inflation release, which is expected to show a further rise in headline inflation to 4.47% y/y in July, from 4.23%.
  • Meanwhile, President Lula will hold a cabinet meeting at 1300BST(0800ET). Elsewhere, BCB President Campos Neto is due to speak at a public event at 1300BST, followed by several meetings including one with banks association Febraban President Isaac Sidney and various bank CEOs at 1730BST.