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Financial News: BRAZIL: DI Rates Fall Tracking Weaker Dollar And

BRAZIL: DI Rates Fall Tracking Weaker Dollar And Inflation Data

05/10/2018 - 15:33:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened lower, hit by a weaker dollar and after data showed a smaller than expected increase in the country's consumer price index in April.

The rate of the January 2019 DI contract DI was falling to 6.270%, from 6.295% Wednesday, while the rate of the January 2020 DI contract fell to 7.23%, from 7.34%. The January 2021 DI contract rate was at 8.29%, from 8.44%.

The consumer price index in Brazil rose 2.76% in April from a year before, gaining strength from the previous month, when the index increased 2.68%. On a monthly comparison, the Brazilian consumer price index increased 0.22% in April.

Analysts expected annual inflation of 2.82% in April, and a monthly price increase of 0.28%, according to an Agencia CMA survey.

According to CM Capital Markets economist, Camila Abdelmalack, the inflation results in April has little chance of changing market expectations of a 25 basis-point decrease in Brazil's benchmark interest rate, Selic, next week.

"The easing cycle should end with the Selic at 6.25%," said Jason Vieira, the chief-economist of Infinity Asset. He added that inflation in Brazil is still shielded from foreign exchange pressures.

"Even with the higher reading compared to March, the annual inflation is still under control," he said.

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