Amid caution in the local market and expectations with the decision of the US Central Bank, the dollar began rising in November and closed at the highest level in more than six months. The stock market rebounded from recent losses and rose by nearly 2%.
The commercial dollar ended this Monday (1st) at R$5.67, up R$0.024 (+0.43%). At the maximum of the day, around 12:00, the price reached R$ 5.69. The Central Bank (BC) auctioned US$ 700 million in contracts for swap exchange rate, which are equivalent to the sale of dollars in the futures market, but the performance was insufficient to contain the appreciation of the currency.
The US currency is at its highest level since April 13, when it had closed at R$ 5.71. The dollar has appreciated 9.27% in 2021.
In the stock market, the day was the opposite. After two consecutive days of decline, the Ibovespa index, on B3, closed at 105,551 points, up 1.98%. The indicator was pulled by Petrobras, whose shares rose 3.72% (common) and 2.75% (preferred), because of the low adhesion to the truck drivers’ strike called for today. Bank-linked papers also drove the rise.
In relation to the dollar, investors are looking forward to voting on the proposed amendment to the Constitution (PEC), which divides the court orders and changes the calculation of the spending ceiling. Despite the difficulties of articulation in Congress, the market fears that the government will resort to some solution that creates loopholes to break the ceiling, such as issuing a public calamity decree.
In addition to internal factors, the dollar is on the rise in the international market because of expectations around the meeting of the Federal Reserve (Fed), the US Central Bank. This week, the monetary authority of the largest economy on the planet should start withdrawing the stimuli granted during the covid-19 pandemic. Even if it doesn’t raise base rates, the Fed may start to reduce the volume of monthly purchases of bonds that pump money into the American economy.
*With information from Reuters
