Upside bias after Brazil data – Societe Generale
Societe Generale analysts highlight that Brazil’s 1Q Gross Domestic Product (GDP) rebounded to 1.1% qoq, supported by fiscal stimulus and mining, but at the cost of higher inflation and a worsening deficit. With inflation expectations deteriorating and the Banco Central do Brasil (BCB) warning on its 3% target, the bank notes USD/BRL is consolidating below 5.05, with the next…










