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Q1 GDP Data Expected At 1300BST

BRAZIL
  • Last week’s gains in USDBRL signal the end of a correction, and the pair has now breached resistance at 5.1969, the Apr 30 high. The break is a bullish development and signals scope for a climb towards 5.2869, the Apr 16 high and the next key resistance. Support to watch is the 50-day EMA, currently at 5.1155.
  • On the data front, Q1 GDP data will be published at 1300BST(0800ET), with analysts expecting the economy to have grown by 0.7% q/q, following 0.0% q/q in Q4. In annual terms, GDP growth is expected to edge up to 2.3% y/y, from 2.1%. May vehicle sales figures will also be published later today.
    • 1Q GDP QoQ, est. 0.7%, prior 0%
    • 1Q GDP YoY, est. 2.3%, prior 2.1%
  • Meanwhile, acting Finance Minister Dario Durigan and the special secretary of Tax Agency Robinson Barreirinhas will present details on the compensatory measures for the payroll tax relief at 1400BST(0900ET). Finance Minister Haddad is in Europe today, where he will meet with Spain’s Finance Minister at 1600BST, followed by a press conference at 1630BST.
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