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The one-day interbank deposit futures rates (DI rates) in Brazil settled higher, tracking the locally traded US dollar as investors became wary of an opinion poll scheduled for Monday regarding the 2018 elections.
The survey would be the first one to capture voters support to presidential candidates after Joaquim Barbosa, a former Supreme Court justice, announced that he would not run for president this year.
Investors fear that voters who would support Barbosa change their votes to a candidate that is contrary to the current government's economic reforms - viewed by many market participants as essential for the Brazilian recovery.
"Markets should tread carefully at the start of the day on Monday, waiting for those numbers," said Lu?s Felipe Laud?sio, a trader at Renascenia Corretora.
Alessandro Faganello, an analyst at Advanced Corretora, added that investors "are still waiting for a pro-reform candidate to take off in the polls, but that has not happened until now."
The January 2019 DI contract rate rose to 6.315% Friday from 6.260% Thursday, while the January 2020 DI rate increased to 7.29% from 7.22%. The January 2021 DI contract rate was at 8.37%, from 8.26%.
