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Financial News: BRAZIL: DI Rates Close Higher Amid Reduced Liquidity

BRAZIL: DI Rates Close Higher Amid Reduced Liquidity

07/03/2018 - 20:09:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil ended higher Tuesday, taking-off from the fall in the locally traded U.S. dollar. After starting the session in a downward path, the DI rates began to rise amid low liquidity and pressured by low demand in the auction of public Treasury bonds, before the release of relevant domestic economic indicators.

Fixed-income traders said the early closure of U.S. markets Tuesday, in the eve of the Independence Day holiday in the United States, has left local businesses drifting.

"Players have taken a defensive stance, but low liquidity is hurting a lot," said a trader at a national brokerage firm.

In addition, a director of the treasury of a foreign bank says that the "big intervention" of the Treasury has distorted the rates.

With the weak result of the repurchase and sale of securities held Tuesday, investors took advantage of rewards, before data on industrial activity and consumer price inflation in Brazil.

"These data will give a better idea of the impact of the truckers' strike on the economy," said William Jackson, senior economist for emerging markets at Capital Economics (CE).

The January 2019 DI contract rate was at 6.835%, from 6.785% in the previous settlement, while the January 2020 DI rate ended at 8.34%, from 8.28%. The January 2021 DI contract rate settled at 9.32%, from 9.25%.

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