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Finance Minister Guido Mantega said Brazil will do what it takes to fight inflation, adding that interest rate increases are an option to rein in consumer prices. Swap rates rose.
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Peru’s benchmark sol-denominated bonds fell, pushing up yields the most in two weeks, after the central bank’s efforts to weaken the local currency curbed the securities’ appeal.
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The Brazilian central bank’s refusal to enforce its benchmark rate target is eroding traders’ ability to bet on monetary policy decisions and prompting economists to speculate that the inaction constitutes a stealth rate cut.
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Chile’s peso held within 0.1 percent of a four-month high as strategists split on whether the central bank might intervene for the first time since 2011 to slow the rise of Latin America’s strongest currency this year.
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Peruvian bonds rose, pushing yields to a record low, as China’s export growth buoyed global economic prospects and spurred demand for higher-yielding, emerging- market assets.
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Brazil may sell real-linked bonds in the international market for the first time in three years as a tax increase on foreigners’ purchases in the local debt market shifts demand overseas.
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Chile’s peso rebounded from the biggest drop among global currencies yesterday as speculation the central bank will cease its dollar-buying program overshadowed copper’s plunge to a one-year low.
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Brazil’s industrial production rose less than forecast in May and at the slowest annual rate since November.
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Brazil’s consumer prices were unchanged in June from the previous month as food prices fell more than expected.
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Brazil Finance Minister Guido Mantega said he’s confident the country’s two-year, 37 percent currency rally is over, which means the government won’t lose money if it decides to buy dollars against reais in the derivatives market.
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