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Financial News: BRAZIL: DI Rates Open Lower With Central Bank

BRAZIL: DI Rates Open Lower With Central Bank Quarterly Inflation Report

06/28/2018 - 12:36:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened lower Thursday, after the country's Central Bank reduced its forecast for economic growth (GDP) in 2018, according to the Quarterly Inflation Report (RTI), and again avoiding to signal the next steps regarding the Selic basic interest rate. Investors also monitor the locally traded U.S. Dollar path.

For Infinity Asset chief economist Jason Vieira, the RTI does not signal tightening or monetary easing. According to him, the Brazilian Central Bank notes that it would be more inclined to a new cut of the Selic than to a hike, with the economic activity still in moderate expansion.

"But the challenges of the recent supply shock and a possible pass-through of the exchange rate pressure leave the next steps completely open," said the economist.

In this sense, Bradesco's economic team estimates that the RTI reinforced the basic interest maintenance stable at 6.50%. "Unless the evolution of the risk balance and the spread of the exchange rate shock are higher for prices," the bank said in a report.

With this, investors monitor the behavior of the exchange rate amid a rebound of emerging countries currencies after the third US GDP reading for this year fell below the previous estimate.

Near the middle of the session, the January 2019 DI contract rate was at 6.885%, from 6.970% in the previous session, while the January 2020 DI rate fell to 8.42%, from 8.55%. The January 2021 DI contract rate was at 9.42%, from 9.55%.

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