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1 Aug 2018

Brazil: COPOM to keep rates unchanged this week – Standard Chartered

Daniel Sinigaglia, Latam Economist at Standard Chartered, expects Brazil’s monetary policy committee (COPOM) to keep rates at 6.50% when it meets today.

Key Quotes

“Since the latest meeting on 20 June, the underlying conditions for monetary policy decisions have improved significantly. In particular, several of the inflation risks underlined in the latest Banco Central do Brasil (BCB) communications have taken a more constructive turn.”

“Domestically, the truckers’ strike in late May appears to have produced a transitory inflation uptick, according to recent consumer price data and surveys. In addition, a more stable external risk backdrop in July has provided increased support for emerging-market sentiment.”

“These factors will likely allow COPOM to continue to pursue its “lower for longer” strategy, though much will depend on potential volatility created by the general election in October. USD-BRL has fallen 5.1% in July, helping to anchor currency expectations at 3.70 for both 2018 and 2019. BCB has reduced FX swap interventions (from USD 38bn to zero between June and July), a reflection of lower market volatility.”

 

Aug 1, 2018

GBP futures: rangebound likely near term

CME Group’s preliminary data for GBP futures markets noted open interest increased by almost 460 contracts on Tuesday from Monday’s 189,888 contracts.
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Aug 1, 2018

India: RBI hiked the benchmark repo rate by 25bps - TDS

Analysts at TD Securities point out that the RBI hiked the benchmark repo rate by 25bps to 6.50% as they and the consensus had expected. Key Quotes
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