On Monday, the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) increased 2.9% and the iShares MSCI Brazil Small-Cap ETF (NasdaqGM: EWZS) advanced 3.2%. Brazil exchange traded funds were among the best performers on Monday as the central bank planned its biggest rate hike in 18 years, strengthening the real currency. "Our models suggest that the Selic rate would need to go up to 7.5% to drive (2022) inflation closer to target, and we believe the central bank will choose to front-load that adjustment," she added.