MARKETS: DI rates close higher as caution prevails

São Paulo, 2 - The one-day interbank deposit futures rates (DI rates) in Brazil ended slightly higher as caution prevails with the locally traded U.S. dollar remaining above R$ 4.20. Investors...

São Paulo, 2 - The one-day interbank deposit futures rates (DI rates) in Brazil ended slightly higher as caution prevails with the locally traded U.S. dollar remaining above R$ 4.20. Investors are wary of a trade war escalation after US President Donald Trump has resumed his rhetoric of surcharges against Brazilian steel, which tends to put further pressure on the BRL while awaiting an agenda loaded with domestic economic indicators this week. Traders say positive expectations for Gross Domestic Product (GDP) tomorrow, combined with a favorable outlook for industry and retail, after Black Friday's sales outperformed forecasts, put pressure on the yield curve. "Especially in a week when important inflation and activity indicators are to be released", says a foreign brokerage house derivatives head trader. "The initial reading is that our 'Black Friday Tropical' - without Thanksgiving holiday - was very positive, with e-commerce and shopping centers recording a solid increase in sales," stresses a foreign bank's treasury director. However, he warns that it is difficult to know how much of Christmas sales were anticipated. "These signs of heated activity tend to lead to a higher Selic rate," notes Quantitas Asset trader Matheus Gallina. However, he ponders that it is "hasty" to say anything towards a not-so-low basic interest rate. "I believe more in a technical adjustment after a sharp fall last week," he concludes. The January 2020 DI contract rate ended at 4.641%, from 4.658% in the previous settlement. The January 2021 DI contract rate settled at 4.75%, from 4.71%, while the January 2023 contract was at 5.96%, from 5.89%. The January 2025 contract closed at 6.55%, from 6.52%. Olívia Bulla / Agência CMA Translation by Ricardo Gozzi http://www.agenciacma.com.br/esp/



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MARKETS: DI rates close higher as caution prevails

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