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Financial News: BRAZIL: DI Rates Open Lower With Investor Reaction

BRAZIL: DI Rates Open Lower With Investor Reaction Do COPOM Minutes

06/26/2018 - 10:34:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened lower Tuesday, after the Central Bank's Monetary Policy Committee (COPOM) did not commit to any signaling regarding the conduction of the basic interest rate, despite indicating that the scenario prescribes maintenance of the Selic rate. The fall of the locally traded U.S. dollar helps in the movement of the forward curve.

"The minutes of COPOM reinforced the expectation of maintenance of the Selic in the next meetings," the economic team of Bradesco evaluates in a report. For the bank, the Central Bank's main message remains that the monetary authority would only react to the side effects of the currency shock.

"In that sense, the next decisions should be very dependent on the data, the evolution of the balance of risks and the evaluation of the degree of dissemination of the exchange rate shock to prices," Bradesco estimates. The bank forecasts basic interest stability at 6.50% by the end of 2018, as there should be no further worsening in inflation expectations in the coming months.

For a fixed-income trader at a national brokerage firm, the emphasis of the Copom's minutes that the effects of the truckers strike should be temporary, both in inflation and activity, helps to return interest rate premiums.

"The long curve continues to follow the external scenario and issues related to former President Lula and the electoral race," he said.

Near the middle of the session, the January 2019 DI contract rate was at 6.93%, from 6.995% in the previous session, while the January 2020 DI rate fell to 8.42%, from 8.54%. The January 2021 DI contract rate was at 9.38%, from 9.54%.

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