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BRAZIL: Intervention Has Little BRL Impact, DI Swaps Curve Shifts Higher Again

BRAZIL
BulletEM BulletEmerging Market News
  • USDBRL slowly edging back towards pre-intervention and record highs, now above 6.15.
  • Negative sentiment continues to permeate through the DI swaps curve, with the BCB raising the neutral real interest rate in its models from 4.75% to 5.00% likely contributing here. Yields are tracking a further 25bp higher across most of the curve, with selic rate pricing suggesting the terminal rate for the hiking cycle is now above 15.6%.
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  • USDBRL slowly edging back towards pre-intervention and record highs, now above 6.15.
  • Negative sentiment continues to permeate through the DI swaps curve, with the BCB raising the neutral real interest rate in its models from 4.75% to 5.00% likely contributing here. Yields are tracking a further 25bp higher across most of the curve, with selic rate pricing suggesting the terminal rate for the hiking cycle is now above 15.6%.