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Second-Tier Inflation Data in Brazil Declines Below Expectations

LATIN AMERICA
  • Second tier inflation data in Brazil showed a further deceleration with the IGBP-10 measure declining 2.20% in June. Brazil economic activity data highlights a very quiet LatAm docket.
  • The Bank of Japan board on Friday decided unanimously to keep yield curve control policy and pledged to continue patiently with monetary easing amid high economic and financial market uncertainty. The BOJ also kept the forward guidance for the policy rates and pledged to take additional easing measures if necessary.
  • The decision has prompted some renewed USDJPY strength on Friday, but the pair remains around 50 pips off Thursday’s peak. With the Euro continue to trade resiliently following yesterday’s strong advance, EURJPY has risen 0.6% and continues to trade at its highest level since 2008 on the approach to 155.00.
  • The European Central Bank will have to keep raising interest rates even after September if core inflation doesn’t slow down sustainably by then, according to Governing Council member Pierre Wunsch. (BBG)
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