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Financial News: BRAZIL: DI Rates Open Mixed With COPOM Decision,

BRAZIL: DI Rates Open Mixed With COPOM Decision, USD, And Foreign Scene

06/21/2018 - 14:26:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened mixed on Thursday. Short-term rates started the session in decline, following the decision of the Brazilian Central Bank's Monetary Policy Committee (Copom). Meanwhile, the longer maturities fluctuate in the high, monitoring the behavior of the locally traded U.S. dollar and also the external scenario.

According to a derivatives trader, the USD returns part of the high recorded yesterday, when the Brazilian real depreciated, with investors waiting for the statement from the Copom.

"Today, the U.S. dollar is starting to peel back, with the currencies out there still reacting to the unfolding of the trade war," he said.

That context influences longer DIs, while the futures interest market digests the Copom statement, which left the door open for the next steps, after keeping the base interest rate at 6.50% per year for the second time.

"The Central Bank acted correctly by choosing not to create noise and to abstain on the next Selic decision in August," Bradesco BBI reports.

For the institution's economist, Dalton Gardimam, only a very substantial deterioration of market conditions - for example, the U.S. dollar going significantly above $ 4.00 - would justify a change of course. "Our base scenario continues without seeing interest rate increases in the near future."

Near the middle of the session, the January 2019 DI contract rate was at 7.01%, from 7.04% in the previous session, while the January 2020 DI rate fell to 8.68%, from 8.65%. The January 2021 DI contract rate was at 9.70%, from 9.67%.

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