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SAGBs Trim Gains as Risk-Off Rattles Sentiment

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Yesterday's Nasdaq bounce

GILT SYNDICATION

50-year maturity date confirmed

DUTCH AUCTION PREVIEW

0% Jan-52 DSL

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Put fly

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  • Despite the sharp move higher in USDBRL yesterday from 5.58 to 5.64, the pair was broadly unchanged for Monday’s trading session. Combined dollar weakness and heavy global equities are likely to extend the currency pair’s consolidation.
  • The short-term outlook is unchanged and remains bullish. Recent gains suggest potential for a climb towards the channel top at 5.7988.
    • 1200GMT/0700ET: Sept. National Unemployment Rate, est. 12.7%, prior 13.2%
    • 1230GMT/0730ET: Oct. Nominal Budget Balance, est. -20.3b, prior -42b
    • 1230GMT/0730ET: Oct. Primary Budget Balance, est. 35b, prior 12.9b
    • 1230GMT/0730ET: Oct. Brazil Public Net Debt % GDP, est. 57.8%, prior 58.5%
    • 1830GMT/1330ET: Oct. Formal Job Creation Total, est. 265,000, prior 313,902
  • In politics:
  • The president of the Brazilian Socialist Party (PSB), Carlos Siqueira, said on Monday that progress towards achieving a Lula da Silva-Geraldo Alckmin ticket in the presidential race “depends on a series of political factors, including the Worker’s Party support for the candidacy of [former governor] Márcio França to the government of São Paulo.” He stressed, however, that “so far” there has been “nothing concrete” suggested by the Worker’s Party representatives in the conversations between the two parties regarding 2022. (Valor Economico)
  • Separately, Brazil’s Liberal Party known as PL holds ceremony for the affiliation of President Jair Bolsonaro.