Reuters: US Dollar Report: Investors cut Brazil interest rate hike bets on mild GDP growth

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Investors cut Brazil interest rate hike bets on mild GDP growth May 29th 2013, 12:46 Wed May 29, 2013 8:46am EDT RIO DE JANEIRO, May 29 (Reuters) - Brazil's interest-rate futures fell on Wednesday after data showed the economy grew less than forecast in the first quarter, making it tougher for the central bank to intensify its campaign against inflation. Interest-rate contracts maturing in January 2014 , one of the most traded, dropped 6 basis points to 8.07 percent after the government reported that Brazil's gross domestic product expanded 0.6 percent in the first quarter, less than the 0.9 percent forecast by economists. Brazil's domestic yield curve now prices in a 25 basis points hike in the benchmark Selic rate, according to Reuters calculations. The central bank will announce a new target for the Selic after markets close on Wednesday. Before the data, a slight majority of investors bet policymakers would intensify their campaign against inflation by raising the Selic, which currently stands at 7.5 percent, by half a percentage point.

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