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Q3 GDP Due, Senate Vote On Precatorios Bill

BRAZIL
  • Third-quarter GDP data will be released amid rising concern about the near-term growth outlook. October industrial production scheduled for Friday will also add colour to the activity picture.
  • Despite some initial BRL strength, the grind higher in the dollar prompted a steady ascent for USDBRL throughout Wednesday. The pair continues to narrow the gap with the October highs around 5.75. Recent gains suggest potential for a climb towards the channel top at 5.8036.
    • 1200GMT/0700ET: 3Q GDP QoQ, est. 0%, prior -0.1%
    • 1200GMT/0700ET: 3Q GDP YoY, est. 4.3%, prior 12.4%
    • 1200GMT/0700ET: 3Q GDP 4Qtrs Accumulated, est. 3.9%, prior 1.8%
  • Additionally, Brazil Senate is expected to vote on the court-ordered payments bill known as precatorios, starting at 1200GMT/0700ET.
  • Treasury auctions fixed-rate LTN local notes due 2022, 2023 and 2025; fixed-rate NTN-F local notes due 2027 and 2031; and Selic-linked LFT notes due 2023 and 2027
  • Separately, Brazil’s senate approved an evangelical pastor nominated by President Jair Bolsonaro to fill in a vacant position in the country’s top court, bringing a more conservative voice into the 11-member institution. (BBG)
    • Andre Mendonca, who previously served as attorney general and justice minister under Bolsonaro, was approved by 47-32 votes on the floor of the senate on Wednesday.
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