Downward bias of Brazil inflation expectations

Jul 27, 2015 09:12 am UTC| Commentary

While inflation acceleration has continued throughout this year and average 2015 inflation projections (both our own and consensus) have also risen (currently heading towards nearly 9.0% as against our forecast of 8.4%),...

Sugar production in Brazil significantly below previous years' level

Jul 27, 2015 09:09 am UTC| Commentary

The data released by the Brazilian Sugarcane Industry Association Unica were also disappointing, showing that rain caused little sugar cane to be processed in the first half of July in the main Center-South growing...

Record-high speculative net short positions in gold

Jul 27, 2015 09:07 am UTC| Commentary

Precious metals made a noticeable recovery late Friday and are defending their gains as the new week of trading begins. Gold is trading at around $1,100 per troy ounce and 1,000 per troy ounce. As the CFTCs statistics...

Exchanges overtake FX trading platforms

Jul 27, 2015 08:58 am UTC| Commentary

One visible sign of the change in the structure of G20 countries FX market is the takeover of a major electronic FX trading platform by an exchange, as it emerged over the weekend. This takeover is causing the imagination...

What does Ifo tell about EUR exchange rates?

Jul 27, 2015 08:54 am UTC| Commentary

In the past the publication of the Ifo index was a major event on the European data calendar. It seems to have become irrelevant these days as it has hardly any effect on the decisive monetary policy. The ECB has committed...

Brazil credit growth deceleration likely continued in June

Jul 27, 2015 08:01 am UTC| Commentary

Brazil credit growth resumed its decelerating trend. In fact, credit growth has been on a decelerating trend since the end of 2010 and it would be difficult to expect any turnaround in it given the shape of the economy,...

Ruble volatility is less of a factor, but the Fed will be followed closely by CBR

Jul 27, 2015 07:57 am UTC| Commentary

The ruble lost nearly 16.6% from its peak in early May and could have once again spurred an exchange rate-pass through. However, this was not the case as pass-through was seen to be outweighed by exchange rate spikes and...