NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI: BAKER HUGHES US RIG COUNT 605; OIL RIGS 499; GAS RIGS 102

BoE Data Watch

RBA Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Swap Rates Price More Aggressive Hikes, USDBRL Resumes Upward Trend

BRAZIL
  • Markets appear to be pricing in a greater likelihood of even greater action being required following the BCB's rate decision and its statement on Wednesday. Perhaps seen as too soft to handle regarding current inflation and fiscal trajectory risks.
  • DI swap contracts maturing in Jan' 2023 rose close to 100 basis points Thursday, reaching the B3 single session limit, just shy of 12.5%. The whole curve continued its upward momentum with the long end also rising between 40-50 basis points.
  • The Brazilian central bank has halted their currency intervention strategy, continuing only with the $700m auction twice a week to curb the impact of hedge adjustments.
  • A continuation of negative local sentiment signals scope for an extension towards 5.7558, the Apr 13 high and 5.8064, the Mar 29 high.
  • At the bottom of the hour:
    • 1330BST/0830ET: Sept. Nominal Budget Balance, est. -47.3b, prior -29.7b
    • 1330BST/0830ET: Sept. Budget Balance Monthy, est. 1.7b, prior 16.7b
    • 1330BST/0830ET: Sept. Brazil Public Net Debt %GDP, est. 59.1%, prior 59.3%
  • In local news, Senate President Rodrigo Pacheco will meet with the leaders of Petrobras next week as he said a solution needs to be found to solve the problem of rising fuel prices in the country.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.