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Financial News: BRAZIL: DI Rates End Higher With USD And

BRAZIL: DI Rates End Higher With USD And Bets On Basic Rate Hike

06/06/2018 - 18:47:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil ended higher, tracking a new rise in the locally traded U.S. dollar, which reached the maximum of R$ 3.85.

The domestic political scenario, influenced by the elections, has made investors keep the recomposition of premiums, which widens the market bets that the Brazilian Central Bank (BC) would likely raise its basic interest rate still this year.

"The DIs tracked the US dollar, which kept the upward trajectory from the external scenario. The external scenario had a slight influence on the 10-year Treasury yields (T-Note) - the Treasuries - rising around 2.97%. That helped a bit," said Capital Markets economist Camila Abdelmalack.

According to her, the worsening of the external picture, mainly related to the exchange rate, and the stress caused by last month's truck drivers' strike in Brazil, made the "interest curve put more premiums at the shortest maturities. We see a reversal in monetary policy and we keep the projection that the Selic rate should rise next year, especially amid very weak economic activity. But that can change."

For the Economist of Guide Investimentos, Ignacio Crespo, the expectation of an increase of the Selic rate in the next few months gains strength. "We see that it is still early to think about increases, and we keep the rate projection at 6.50% by the end of the year, but some movements may be excessive."

The January 2019 DI contract rate was at 6.985%, from 6.90% at the previous session, while the January 2020 DI rate ended at 8.09%, from 7.89%. The January 2021 DI contract rate was at 9.25%, from 9.05%.

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