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USDBRL Stubbornly Rejects 5.00 Level, IPCA Inflation Tomorrow

BRAZIL
  • Latin American currencies are strengthening, broadly in line with the USD weakness overnight, enjoying a moderate relief rally amid the more optimistic sentiment across currency markets and industrial commodities following fresh China credit data. USDBRL continues to stubbornly reject the psychological 5.00 pivot, which remains the key topside level of note. On the other hand, support to watch is 4.8416, the Aug 10 low.
  • August IPCA inflation data is due tomorrow where the median surveyed forecast expects the annual reading to rise to 4.66% y/y versus 4.24% at the mid-August reading. The data is unlikely to sway the BCB who appear to set to lower borrowing costs by a further 50bps at the September 20 meeting.
  • In separate news, President Luiz Inacio Lula da Silva backed off a pledge that Russian leader Vladimir Putin would be safe to travel to next year’s Group of 20 summit in Brazil without fear of arrest, saying that issue is up to his country’s judiciary. “If Putin decides to go to Brazil, it will be the courts who decide whether or not he will be arrested, not me,” Lula told a news conference in New Delhi on Monday following this year’s G-20 summit.
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