Reuters: US Dollar Report: Brazil opts for steeper rate hike, lifts Selic to 8 pct

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Brazil opts for steeper rate hike, lifts Selic to 8 pct May 29th 2013, 23:39 SAO PAULO | Wed May 29, 2013 7:39pm EDT SAO PAULO May 29 (Reuters) - Brazil raised its benchmark interest rate to 8 percent from 7.50 percent on Wednesday, opting to speed up its monetary tightening cycle to clip the wings of high inflation in Latin America's largest economy. Twenty-six of 50 economists surveyed by Reuters correctly predicted the central bank would raise the Selic rate by 50 basis points. Traders on the other hand shifted their bets in favor of a smaller hike of 25 basis points after the release of weaker-than-expected economic growth data earlier on Wednesday. The decision by the bank's monetary policy committee, known as Copom, was unanimous.

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