Saturday, November 19, 2011

Investors bet Brazil will speed pace of rate cuts

BRASILIA/RIO DE JANEIRO, Nov 9 (Reuters) - Investors raised their bets on Wednesday that Brazil's central bank will make faster and deeper cuts in the country's benchmark interest rate in coming months, to shield the country from a slowing domestic economy and fallout from Europe's debt crisis.

Brazil's overnight interest-rate futures contract for January 2013 settlement , the most traded interest-rate future on Sao Paulo's BM&FBovespa exchange, slipped 17 basis points, its biggest one-day drop in more than a month, to 9.95 percent, an all-time low. A basis point is 0.01 percentage point.

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