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Financial News: BRAZIL: DI Rates Open Lower While Investors Monitor

BRAZIL: DI Rates Open Lower While Investors Monitor USD, Electoral Scene

06/11/2018 - 13:29:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened lower, keeping the pace of return of premiums observed at the end of last week.

Investors are monitoring the locally traded U.S. dollar's behavior, trying to fix part of last Friday's retreat amid the interventions by the Brazilian Central Bank, while digesting the Datafolha figures on the country's presidential race, which keep the indefinite scenario between the second placed.

"Investors are adjusting their positions to a highly volatile scenario, given the political uncertainty prevailing in the country," said Luis Felipe Laudisio, a fixed-income trader at Renascenia Corretora.

For the Bradesco BBI derivatives team, the domestic business volatility tends to increase significantly in the months leading up to the elections. According to the bank, most of the changes in voting intentions in the Datafolha poll occurred within the margin of error of the survey.

"We do not expect any significant variation in opinion polls until the national conventions to formalize the candidates," they wrote, noting that such events are expected to take place between July and August. Therefore, we must continue to experience such movements (of volatility) until we approach the election," they conclude.

Near the middle of the session, the January 2019 DI contract rate was at 7.125%, from 7.34% in the previous session, while the January 2020 DI rate fell to 8.50%, from 8.71%. The January 2021 DI contract rate was at 9.45% from 9.58%.

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