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Financial News: BRAZIL: DI Rates Open Lower Impacted By Good

BRAZIL: DI Rates Open Lower Impacted By Good Mood Abroad

06/04/2018 - 13:58:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened lower as the locally traded U.S. dollar fell and the good mood abroad favors risk-taking. Still, investors keep on monitoring the impact of the truckers' strike on the domestic political-economic landscape.

"The positive external environment makes the forward curve give back part of the premium embedded in the last few days," said a fixed-income trader.

Icatu Vanguarda's multimarket strategist Dan Kawa also believes that the local improvement movement occurs due to the foreign scene.

"The recovery of risk assets in the world brings some relief, even if temporary, to Brazilian assets," he wrote in a report. According to him, recent positive economic data around the world show a still healthy and relatively robust global growth, which supports appetite for risk.

However, the domestic scenario still demands caution. For the Coinvalores team, the truckers' strike brought "significant impact" on the financial market estimates on inflation and GDP growth for this year.

"This result reflects both the strike and its punctual impacts, as well as the deterioration of the agents' confidence in the face of the most fragile and uncertain political context."

Near the middle of the session, the January 2019 DI contract rate was at 6.695%, from 6.745% in the previous session, while the January 2020 DI rate fell to 7.61%, from 7.67%. The January 2021 DI contract rate was at 8.75%, from 8.81%.

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