Brazil’s president is on the brink of impeachment — Here’s what’s happening in FX

Good morning!

Screen Shot 2016 04 15 at 7.43.55 AM

There’s not
too much noise in FX on Friday, April 15 as of 7:45 a.m. ET.

But, anyway, here’s the scoreboard:

  • The Brazilian real is stronger by 0.1% at 3.4686 after President Dilma Rousseff failed to block an impeachment vote in the lower house of Congress. According to AP, Brazil’s Supreme Court voted 8-to-2 in favour of striking down a motion that attempted to block the vote, saying it wasn’t appropriate to get involved at this point. The impeachment vote will take place on Sunday.
  • The Chinese yuan closed stronger by 0.1% at 6.4756 per dollar after the National Bureau of Statistics said China’s economy grew 6.7% year-over-year in the first quarter, in line with expectations. The latest reading was a hair lower than Q4’s 6.8% growth, and was the weakest since Q1 2009.
  • The British pound is stronger by 0.3% at 1.4190. Notably, a recent survey by an auditor’s group suggests that most UK company boards aren’t preparing for a Brexit. Additionally, US President Obama is reportedly planning to back the anti-Brexit campaign during his visit to the UK next week, according to Bloomberg.
  • The euro is up 0.2% at 1.1284 after European auto sales jumped 8.2% YoY in the first quarter to 3.8 million. While purchases rose in every country, Italy saw an eye-popping 20.8% surge. Volkswagen sales slipped 0.5%, making it the only top 10 automaker to see a decline.
  • The dollar index is slightly weaker by 0.2% at 94.75 ahead of a heavy day for US economic data. Empire Manufacturing is up first at 8:30 a.m. ET, and it will be followed by industrial production, capacity utilization, University of Michigan consumer sentiment, and the rig count.
  • The Japanese yen is stronger by 0.5% at 108.86 per dollar after data showed industrial production fell by 5.2% in the last month, better than economists expectations of a 6.2% drop.
  • The Australian dollar is up 0.3% at .7716. On Thursday, the Reserve Bank of Australia said lending risks are shifting to home-builders from home-buyers, according to Bloomberg.

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