MARKETS: DI rates close lower tracking USD

São Paulo, 21 - The one-day interbank deposit futures rates (DI rates) in Brazil ended lower as investors have kept yesterday's yields recomposition and the locally traded U.S. dollar went below...

São Paulo, 21 - The one-day interbank deposit futures rates (DI rates) in Brazil ended lower as investors have kept yesterday's yields recomposition and the locally traded U.S. dollar went below the R$ 4.10 level amid some relief in the domestic political scene and the U.S.-China trade war. "The improvement abroad combined with the at least apparent relief between the powers allowed a rebound of the domestic financial markets," says Guide Investimentos' economist Victor Cândido. For him, President Jair Bolsonaro's moving away from his harsh rhetoric against the Congress raises the odds of approval of the government's agenda. "The market is in a correction course, recovering the exaggeration," says a senior derivatives trader at a foreign brokerage firm, referring to the strong yields increase of last week, when the locally traded U.S. dollar soared beyond R$ 4.00. "But beyond that it's optimism," he adds, signaling that more consistent news is needed for the DI rates market to improve further. For domestic brokerage firm's fixed income head trader, investors are still assessing the president's strategy amid worries that it could deepen the wear and tear among the powers. The January 2020 DI rates closed at 6.415%, from 6.44% in the previous settlement. The January 2021 DI contract settled at 6.87%, from 6.97%, while the January 2023 contract ended at 8.05%, from 8.19%. The January 2025 contract ended at 8.63%, from 8.79%. Olívia Bulla / Agência CMA Translation by Ricardo Gozzi http://www.agenciacma.com.br/esp/



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MARKETS: DI rates close lower tracking USD

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