Brazil Real Rises to One-Year High as Yields Boost Carry Trades

The real climbed to a one-year high amid speculation that policy makers in major economies will work to stimulate growth while also providing stimulus, making Brazil’s high interest rates more attractive.

The real gained 0.7 percent to 3.172 per dollar at 10:24 a.m. in Sao Paulo, extending gains this week to 2.4 percent, the best performance among major currencies.

Brazil has the highest benchmark interest rate among the most-traded currencies and buying the real with borrowed dollars in a so-called carry trade has returned 34 percent this year, the most in the world. After keeping its Selic rate at 14.25 percent at a meeting last month, Brazil’s central bank said there is no room for monetary flexibility.

“It’s all about yield,” said Win Thin, an emerging-market strategist at Brown Brothers Harriman & Co. in New York. “Every central bank in the developed world, except the Fed, is easing. With negative rates everywhere, investors are piling into emerging markets.”

Swap rates on the contract maturing in January 2018, a gauge of expectations for interest rates, dropped 0.04 percentage point to 12.74 percent, extending this week’s decline to 0.07 point.

Fuente

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