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USDBRL 5.30-5.31 Resistance Remains Key Market Focus

BRAZIL
  • A volatile session for USDBRL resulted in modest gains on Monday. Initial Real weakness saw USDBRL come very close to 5.30 once more before a strong reversal saw the pair trade back through Friday's close to fresh lows at 5.2292. With recent political wrangling favouring dip buying in the pair, focus remains on the key short-term resistance at 5.3130, the Jul 8 high.
  • Brazil's IGP-10 inflation rose less than economists expected in August.
    • IGP-10 inflation rose 1.18% m/m (estimate +1.30%) in August versus +0.18% in July, according to Getulio Vargas Foundation (FGV)
    • More important bi-weekly IPCA print due on August 25.
  • After Top Court request, Aras informs that he has opened a preliminary analysis on Bolsonaro online broadcast comments against electronic voting machines. (Estadao)
  • It appears ministers are trying to convince Bolsonaro to ease the clash with Supreme Court and avoid conflict with the Senate with Valor reporting as such.
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