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Brazil DI Swap Rates Fall As Inflation Data Surprises Below Estimates

LATAM
  • A firmer day for equity/commodity indices saw the likes of MXN and BRL outperform the emerging market basket.
  • Diverging from higher US yields, the Brazilian DI swaps curve has shifted lower following the lower-than-expected mid-April IPCA inflation data. The prints potentially bolster the most recent rhetoric from the BCB regarding potentially ending the current tightening cycle at next week’s meeting.
  • Elsewhere currencies remain close to unchanged for the session amid the strengthening greenback.. Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.21% at 20.3906
    • USDBRL down 1.03% at 4.9466
    • USDCLP up 0.44% at 847.14
    • USDCOP up 0.32% at 3955.54
    • USDPEN up 0.04% at 3.828
    • Bloomberg Dollar Index up 0.42% at 1241.2
    • USDCNH down 0.04% at 6.5871
    • JPMorgan EM Ccy Index up 0.13% at 52.029
    • S&P E-Mini Future up 44.25 points (1.06%) at 4215.5
    • BBG Commodity Index up 1.3468 points (1.05%) at 129.6424
  • Brazil DI Swaps:
    • Jan '23 -7 bps at 12.95%
    • Jan '24 -22 bps at 12.49%
    • Jan '26 -12.5 bps at 11.84%
    • Jan '31 -9 bps at 12.09%
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