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Brazil GDP Preview: July figures expected at -4.6% YoY- BBH

FXStreet (Delhi) – Research Team at BBH, note that Brazil is expected to release its monthly GDP proxy for July, and is expected at -4.6% YoY vs. -1.2% in June.

Key Quotes

“The economic outlook is worsening, which will keep pressure on the fiscal outlook. BRL underperformed Thursday on press reports that Lula and the PT are planning to boost growth by cutting interest rates and increasing public spending.”

“Finance Minister Levy and central bank President Tombini would reportedly be replaced. USD/BRL made a new cycle high near 3.9075 Thursday, and the all-time high near 4 is within sight. The real lagged yesterday, and domestic factors suggest it will continue to underperform within EM.”

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