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Financial News: BRAZIL: DI Rates Close Lower Amid Reduced Selic

BRAZIL: DI Rates Close Lower Amid Reduced Selic Rate Hike Bet

07/01/2018 - 19:18:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil ended lower Friday, influenced by the expectation of maintenance of the Selic basic interest rate, as reinforced in the Quarterly Inflation Report (RTI), and in the adjustment movement after the successive increases in the future interest rate curve between May and June. The movement was contrary to the foreign exchange rate, which rose Friday.

According to Haitong economist Flavio Serrano, monetary policy information announced throughout the week "gave relief on premiums, especially at the shortest rates after successive increases in recent weeks.

Last week, the Brazilian Central Bank's Monetary Policy Committee (Copom) decided to keep the Selic rate at 6.50% per year and stressed that any increase in interest rates should depend on the evolution of inflation expectations, which remain anchored. This week, Central Bank President Ilan Goldfajn stressed that a monetary tightening is off the table for the time being.

"Today was a continuation of the closing of the interest curve, due to the remnants of the softer tone in the communication of the Central Bank with the market regarding the Brazilian monetary policy," said Cesar Garritano, an economist at Renascenia Corretora.

The January 2019 DI contract rate was at 6.83%, from 6.825% in the previous settlement, while the January 2020 DI rate ended at 8.32%, from 8.33%. The January 2021 DI contract rate was at 9.31%, from 9.35%.

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