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Financial News: BRAZIL: DI Rates Close Higher, Tracking USD, Treasury

BRAZIL: DI Rates Close Higher, Tracking USD, Treasury Auction

07/05/2018 - 18:52:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil ended higher Thursday, tracking the locally traded U.S. dollar. The forward curve has also been pressured by the auction of government bonds by the Brazilian Treasury, but investors are awaiting official consumer inflation data (IPCA), scheduled to be released Friday.

"The curve passed the day more glued to the U.S. dollar and was under pressure by the currency," said a director of the treasury of a foreign bank. He pointed out that in the last few trading sessions, the futures interest market became more "detached" from the exchange rate, being more influenced by the intervention of the Treasury. "Nobody knows if Treasury will act nor the amount of intervention," he noted.

Meanwhile, the fixed income trader at Renascen?a Corretora Luis Felipe Laudisio said that the market was taken by surprise with the Treasury survey for the demand for papers before announcing the auction. In the operation, the agency sold fixed-rate securities (LTN) and canceled the offer of securities with semi-annual yield (NTN-F).

But what defined the recomposition of premiums was the upward path of the exchange rate. For Infinity Asset chief economist Jason Vieira, the appreciation of the U.S. currency does not help the Central Bank's Monetary Policy Committee (Copom), in a context of no reform and worsening scenario for the emerging countries. "Still, inflation targets are not threatened," he said.

The January 2019 DI contract rate was at 6.91%, from 6.845% in the previous settlement, while the January 2020 DI rate ended at 8.44%, from 8.37%. The January 2021 DI contract rate settled at 9.41%, from 9.32%.

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