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

BRAZIL: DI Rates Open Lower While Investors Wait Monetary Policy Decision

06/18/2018 - 12:21:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened lower Monday against the rise in the locally traded U.S. dollar, as investors adjusted positions on the eve of the Brazilian Central Bank's Monetary Policy Committee's (COPOM) interest decision. The domestic market also monitored the intensified trade tension between the United States and China.

According to a fixed-income trader, the National Treasury's "new investiture," which extended the stock purchase and sale program until Friday, opens space for a movement to improve the forward curve before Copom.

"More than the decision itself, the market should monitor the statement, seeking clues about the Committee's assessment of the current situation," he noted.

The forward curve ended last week pricing a 78% odd of a 0.25 percentage point (pp) increase in the Selic interest rate, against a 22% possibility of maintenance, according to Quantitas Asset calculations. The day before, 72% of the bets were a bigger increase, of 0.50pp, against 28% of a 0.25pp high, according to the manager.

In addition, investors also follow the protectionist attacks from Washington and the retaliations adopted by Beijing.

"This heightened tension in trade relations between both countries increases risk aversion abroad," Coinvalores said in a report.

Near the middle of the session, the January 2019 DI contract rate was at 7.21%, from 7.30% in the previous session, while the January 2020 DI rate fell to 8.93%, from 9.04%. The January 2021 DI contract rate was at 9.91%, from 9.98%.

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