• USD/BRL dropped, spot ref for NDFs 3.1411, 1M NDF 3.1758
  
  
• Onshore spot traded 3.1417/3.1686, importer bids at the base 
  
  
• The FIPE inflation index came in just below forecast at +0.62%
  
  
• Big improvement vs last month's +1.1% a boost before BCB
  
  
• IP was better than forecast also, -1.2% vs -1.4% forecast, Y/Y -7.6% 
  
  
• BM&F 1M NDF range 3.1758/3.2108