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Brazil: September trade data eyed - BBH

FXStreet (Delhi) – Research Team at BBH, suggest that in Brazil investirs focus will be on September trade data wherein exports are expected at -18% y/y and imports at -35% y/y.

Key Quotes

“August IP will be reported Friday, and is expected at -9.6% y/y vs. -8.9% in July. Late yesterday, government officials said that the central bank may do a “marginal” rate hike if fiscal tightening disappoints.”

“We do not think a “marginal” rate hike would do much good if fiscal reforms are in question. In that regard, Brazil’s Congress has delayed an important vote on upholding presidential vetoes on spending bills until October 6. This comes after the lower house went against the government and approved two amendments to a bill that increases government spending. The bill will now go to the Senate. Either way, this clearly is not a good sign and BRL should weaken past 4 again.”

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