Brazil Interest-Rate Futures Yields Rise as Services Post Growth
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Brazil’s interest-rate futures yields rose from a record low as services industries resumed growth in June, reducing speculation the central bank will sustain the pace of cuts in borrowing costs.
The real dropped as Finance Minister Guido Mantega told reporters in Sao Paulo that the country will keep taking measures to maintain a weaker currency to support domestic industry. The HSBC Purchasing Managers Index for services climbed to 53 in June from 49.7 in the previous month, with a reading above 50 indicating an expansion in business activity.