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Financial News: BRAZIL: DI Rates Open Lower With USD After

BRAZIL: DI Rates Open Lower With USD After Renewed Interventions

06/15/2018 - 16:08:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened lower Friday, influenced by the fall in the locally traded U.S. dollar, after a renewed interventions by the Brazilian Central Bank and the Treasury to deter the greenback's appreciation. Investors also monitor the more hostile external environment amid escalating trade tensions abroad.

Traders said that the Brazilian Central Bank and the Treasury have been trying to ease the market pressure by stepping up intervention. The monetary authority announced Thursday that it would keep the extra foreign exchange swap auctions, offering "around" US$ 10 billion next week.

In the wake of this announcement, the Treasury said it would also make daily auctions to buy and sell pre-fixed (LTN and NTN-F) and post-fixed (NTN-B) bonds between June 18 and 22. In addition, the National Monetary Council (CMN) changed the supplementary pension rule for the second time this year.

"These measures should have an impact in the short term, but the external scenario remains in focus and should have greater influence in the long term," says Renascen?a Corretora fixed income operator Luis Felipe Laudisio. He refers to the most challenging scenario for emerging countries and recalls that the intense movement in the U.S. dollar led to the pricing of a 1.50 percentage points (pp) increase in the Selic interest rate in 2018.

For Icatu Vanguarda's market strategist, Dan Kawa, this pricing on the short end of the long curve impresses, amid a "very aggressive" cycle and starting at the next Monetary Policy Committee meeting next week.

Near the middle of the session, the January 2019 DI contract rate was at 7.545%, from 7.60% in the previous session, while the January 2020 DI rate fell to 9.34%, from 9.37%. The January 2021 DI contract rate was at 10.33%, from 10.35%.

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