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Relief For Front-End Swap Rates, July Eco. Activity Data In Focus

BRAZIL
  • Relief in the front end of the curve following BCB Governor Campos Neto's comments surrounding not altering the path of policy following every CPI print was not enough to bolster the currency.
  • USDBRL actually edged higher throughout Tuesday as risk sentiment waned and the greenback pared early losses.
  • While the comments do appear slightly less hawkish for the upcoming Sep 22 meeting, we would highlight that the BCB Governor also emphasised they would take Selic rate to wherever needed and so more aggressive action next week should not be ruled out.
  • Today we will see economic activity data, seen as a monthly reference for Brazil's Gross Domestic Product:
    • 1300BST/0800ET: July Economic Activity m/m, est. 0.35%, prior 1.14%
    • 1300BST/0800ET: July Economic Activity y/y, est. 5.00%, prior 9.07%
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