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BRAZIL: Senate Ready To Vote On Further Tax Reform, Haddad Interview Due

BRAZIL
BulletEM BulletEmerging Market News
  • The Senate is ready to vote on another tax reform bill, Finance Minister Haddad said yesterday. The Regulation of the Selective Tax, or “sin tax”, will be worked on this year by the Extraordinary Secretariat for Tax Reform, he said. Today, Haddad is scheduled to give an interview to CNN Brasil at 1800GMT(1300ET).
  • On the data front, FGV IPG-10 prices rose by 0.53% m/m in January, following a 1.14% increase the month before, below the +0.65% consensus. Looking ahead, focus turns to IPCA-15 inflation data next week, which are expected to show a moderation in inflation in the first half of this month.
  • USDBRL closed 0.69% higher at 6.0547 yesterday, amid broad pressure on regional currencies ahead of US President-Elect Trump’s inauguration on Monday. From a technical perspective, the USDBRL bull cycle remains in play and the recent pullback appears corrective. A resumption of gains would open 6.3406, the 3.00 projection of the Aug 19 - 30 - Sep 19 price swing, while a clear break of support at the 50-day EMA, at 5.9901, is required to signal a short-term reversal.
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  • The Senate is ready to vote on another tax reform bill, Finance Minister Haddad said yesterday. The Regulation of the Selective Tax, or “sin tax”, will be worked on this year by the Extraordinary Secretariat for Tax Reform, he said. Today, Haddad is scheduled to give an interview to CNN Brasil at 1800GMT(1300ET).
  • On the data front, FGV IPG-10 prices rose by 0.53% m/m in January, following a 1.14% increase the month before, below the +0.65% consensus. Looking ahead, focus turns to IPCA-15 inflation data next week, which are expected to show a moderation in inflation in the first half of this month.
  • USDBRL closed 0.69% higher at 6.0547 yesterday, amid broad pressure on regional currencies ahead of US President-Elect Trump’s inauguration on Monday. From a technical perspective, the USDBRL bull cycle remains in play and the recent pullback appears corrective. A resumption of gains would open 6.3406, the 3.00 projection of the Aug 19 - 30 - Sep 19 price swing, while a clear break of support at the 50-day EMA, at 5.9901, is required to signal a short-term reversal.