BRAZIL: USDBRL Spikes 1.5% Amid Fiscal Concerns, Pierces 50-day EMA Resistance

The Senate Banking Committee is shortly due to gavel in for executive session to vote on the nomination of Council of Economic Advisors Chair Stephen Miran to serve on the Federal Reserve’s Board of Governors. LIVESTREAM

• As there has been little Republican opposition, the Committee is expected to vote in favour of Miran’s nomination, teeing up a full Senate vote next week. Miran is expected to be confirmed to the Fed board in time for the September 16-17 FOMC meeting.
• One potential Republican 'no' vote on the panel, Senator Thom Tillis (R-SC), said on Monday he would vote in favour of Miran's nomination despite concerns over Miran retaining his job in the Trump administration, as he would only serve a short time on the board.
• “With his intent to potentially go back to the [CEA], I don’t think he’d be appropriate for a long-term role, but I’ll support him for the short term,” Tillis said.

• MNI:US JUL WHOLESALE INV 0.1%; SALES 1.4%

• MNI: US JUL WHOLESALE INVENTORIES 0.1%