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COPOM on hold leads to fall in Brazilian real - BBH

FXStreet (Delhi) – Research Team at BBH, notes that the central bank of Brazil, the COPOM kept rates on hold at 14.25%, as expected, but two members called for a 50 bp hike.

Key Quotes

“This split vote substantiates the shift by investors towards less easing/more hikes reflected in the swaps curves and recent surveys (see our recent report here). But the statement provided no new information or discussion on the topic, so we will have to wait for the minutes on December 3. The net result for this busy day was that the real fell 1.2% against the dollar, rates increased as much as 27 bp in the back end of the local swaps curve, and the Bovespa fell 3%, with BTG shares down 21%.”

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