Reuters: US Dollar Report: Brazil short-dated rate futures plunge after central bank rate move

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Brazil short-dated rate futures plunge after central bank rate move Apr 18th 2013, 12:17 RIO DE JANEIRO, April 18 | Thu Apr 18, 2013 8:17am EDT RIO DE JANEIRO, April 18 (Reuters) - Brazil's interest-rate futures fell at open on Thursday after the central bank rose its benchmark Selic interest rate by less than had been priced in on Wednesday in the rate futures' yield curve. Shorter-dated contracts fell more sharply , causing the yield curve to steepen, after the central bank's monetary policy committee, or Copom, on Wednesday evening rose the benchmark Selic rate by 25 basis points to 7.5 percent. While most economists expected the Selic to rise to 25 basis points, investors in the interest-rate futures market priced in a 50 basis point hike in the rate.

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