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The Central Bank of Brazil (BCB) is scheduled to meet today and analysts at Nomura expect rates to remain on hold at 6.50%, the same level since March.

Key Quotes

“The BCB’s communication has acknowledged the difficulty in deciphering the May/June data, where both months were influenced by the truckers’ strike in late-May and expects more clarity in July/August readings.”

“We do not see any reason for that flight plan to have changed following the most recent economic releases and believe the framework is in line with a hold and, generally, a “wait and see” mode in terms of communication this time around.”