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Free AccessPrinted Ballots Vote Falls Short of 308 Votes Needed in Lower House
- 5.30 once again caps the USDBRL price action as the Real advanced around 1% on Tuesday. The BCB minutes reinforced the prospect that policy makers will raise interest rates above neutral, but did not provide any signal on the terminal level of this cycle. Today we will see June Retail Sales data before the important US CPI releases.
- 1300BST/0800ET:
- June Retail Sales YoY, est. 8.6%, prior 16.0%
- June Retail Sales MoM, est. 0.5%, prior 1.4%
- Importantly on Tuesday, Brazil's lower house rejected a bill to implement printed ballots in the next year elections. The vote was 229 in favour and 218 against.
- President Bolsonaro didn't get the 308 votes he needed to change Brazil's voting system, but local analysts point out that a simple majority does still potentially hand him a valuable talking point in his quest over the next 14 months to undermine faith in the election.
- "The lower house has given a democratic answer to this matter, and I hope it's definitely buried," Speaker Arthur Lira said in announcing the result.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.