Brazil IPCA inflation cools to 4.44% YoY in July

Brazil's IBGE reported IPCA inflation at 0.07% M/M (vs 0.01% est; 0.16% prev) and 4.44% Y/Y (vs 4.40% est; 4.64% prev) in July. The softer-than-expected monthly print and cooling annual rate suggest disinflationary momentum, potentially supporting a dovish tilt from the Central Bank. USD/BRL and emerging-market FX may face near-term weakness if traders price in slower rate-cut reluctance.