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Selic Rate Decision, June Unemployment Rate Expected Today

BRAZIL
  • Given the further gradual increase in inflation and inflation expectations, the Copom is widely expected to keep the Selic rate at 10.50% for a second successive meeting today (2230BST/1730ET). Markets will remain sensitive to the vote split and forward guidance, ahead of President Lula’s anticipated appointment of the next BCB Governor in the coming weeks.
    • The full MNI preview with analyst views is here.
  • On the data front, the national unemployment rate is expected to edge down to 6.9% in June, from 7.1% in May (1300BST/0800ET).
  • In other news, President Lula called on the Venezuelan government to present the ballot records to its recent presidential election, saying in an interview with Globo TV yesterday that the election result would be recognised if the records are true.

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