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USD/BRL Stalls At 5.20, PPI & Jackson Hole In Focus

BRAZIL
  • USD/BRL drifted +0.66% higher in yesterday's session after failing to establish a new low below 5.20 support.
  • BRL trades +2.13% firmer vs the USD this week, having retraced sharply from near the 5.50 handle last week.
  • Domestic focus today will be on PPI manufacturing data amid rising price pressures, bringing forward concerns of a more pronounced hiking cycle from the BCB in the near-term to combat runaway proinflationary pressures.
  • June PPI rose to +32.92% y/y and +0.76% m/m – with more upside today potentially reinforcing the need for a more decisively hawkish approach from the BCB in its coming meetings.
  • Although the BCB autonomy vote was largely expected to come out in favour of autonomy, Analysts say this should bolster policy credibility for the central bank by distancing decisions from the political sphere.
  • Beyond domestic data, focus will turn to Jackson Hole with markets expecting Powell to walk a cautious line between yesterday's hawkish remarks and the doves on the MPC.
  • Expectations are for a non-event, but yesterday's comments proved that uncertainty is elevated with scope for intraday volatility.
  • Intraday Sup1: 5.2070, Sup2: 5.1621 (50dma), Res1: 5.2963, Res2: 5.3289
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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