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USDBRL Recovers Opening Gap Lower, BCB's Galipolo Speaks Later Today

BRAZIL
  • Solid pop for USDBRL in recent trade as the pair bridges the opening gap to yesterday’s close and extends higher to 5.46. A very light data docket in Brazil this week should keep markets focused on any central bank/government rhetoric. Of note, BCB Director Gabriel Galipolo will speak in event scheduled to start at 1500ET.
  • Most recently, Galipolo’s comments have aligned with the view of Governor Campos Neto and the broader committee. While he is largely expected to replace Campos Neto when his term ends later this year, other names have recently been touted as potential successors: https://marketnews.com/lula-still-being-advised-to-consider-external-candidates-for-next-bcb-head

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