FIPE CPI m/m comes in at -0.03% against 0.31% consensus

Brazil’s FIPE CPI month over month for August registered -0.03%. This actual print came in significantly below the market’s consensus expectation of 0.31%. The previous month’s reading for the FIPE CPI was 0.18%. The -0.03% figure represented a -109.7% surprise when compared against the consensus forecast.

The USDBRL currency pair showed a 0.0 pip change in its value both 5 minutes and 15 minutes after the FIPE CPI data was released. This measured market reaction is small. For context, the median 1-hour move for USDBRL after similar economic releases has historically been 0 pips, with top-quarter releases moving 0+ pips. These historical figures are based on two releases captured since 2015. Directional reliability statistics for this event are not yet available.