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USDBRL Hovering Just Below 5.30, Lower House Postpones Tax Reform Vote

BRAZIL
  • USDBRL closed just shy of important resistance at 5.30/31, with persistent pressures on this zone over the past few weeks. Political wrangling has weighed on the Real with USDBRL well supported on dips. Events of note today (Brasilia time):
    • Ibovespa options expiration at B3
    • Brazil's central bank holds FX swaps auctions starting at 11:30am
    • BCB releases currency flows weekly, 2:30pm
    • Health Minister Marcelo Queiroga holds press conference, 9:30am
  • Brazil's lower house of Congress on Tuesday postponed a vote on a tax reform bill that would introduce taxation of company dividends because it faced defeat due to a lack of consensus.
    • The income tax reform bill was removed from the Lower House agenda with 390 lawmakers voting in favor of the delay and 99 against.
    • "We will continue our work to improve the bill's text," rapporteur Celso Sabino said.
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