Unemployment Rate 3-months (BRL) comes in at 5.4% against 5.4% consensus

The Brazilian Unemployment Rate for 3-months, released today, came in at 5.4%. This figure precisely matched the consensus expectation of 5.4%. The previous reading for this series was 5.6%, indicating a decrease in the unemployment rate. The release registered a 0.0% surprise versus the consensus estimate.

Following the release, USDBRL moved -120 pips within 5 minutes and -75 pips within 15 minutes. Historically, USDBRL has shown a median 1-hour move of 24 pips after similar releases. Top-quarter releases have seen moves of 30+ pips. The measured moves observed so far are larger than the typical historical movements. Directional reliability statistics are not yet available for this series.