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Swap Rates Under Pressure For Second Straight Session

BRAZIL

{BZ} Swap rates extending yesterdays move higher, up between 6-11bps across the DI curve. They have come under pressure for a second straight session with investors eyeing the outcome of a cabinet meeting that forced Economy Minister Paulo Guedes to cut short his vacation.

After returning home from a 17-day holiday at the beach, Brazilian president Jair Bolsonaro said that the country is "broken" and that there is nothing he can do about it. According to Veja, this speech was aimed at reigniting the debate on alternative methods to increased government spending.

  • USDBRL reversed an initial lower open to trade up to 5.3132 but has since stabilised mid-range.
  • Developments will be monitored closely.
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