In a day of decision on basic interest in Brazil and with few changes in the international scenario, the dollar closed stable, after alternating highs and lows throughout the day. The stock market recovered for the second day in a row, benefiting from local stocks.
The commercial dollar ended this Wednesday (3) sold at R$ 5.278, with a decline of only 0.02%. The price started the day tense, rising to R$5.31 around 11:30 am, then started to fall during the afternoon, but gained strength towards the end of the negotiations, closing stable.
The stock market had a quieter day. The B3 Ibovespa index closed at 103,775 points, up 0.4%. Shares linked to mining and steel companies, which had risen yesterday (2), fell, but shares of companies linked to consumption, such as retailers, appreciated today, with the expectation that the Central Bank (BC) is close to ending the cycle of hikes in basic interest rates.
At today’s meeting, the Central Bank’s Monetary Policy Committee (Copom) raised the Selic rate from 13.25% to 13.75% per year. Despite not indicating the end of the tightening, the BC communiqué informed that the monetary authority should reduce the pace of increase, raising interest rates by 0.25 point at the next meeting, at the end of September.
On the international stage, the continuity of tensions between China and Taiwan continued to cause turmoil in the markets. However, the statement by a director of the Federal Reserve (Fed, US Central Bank) that the agency can reduce the pace of interest rate increases in the United States has eased the pressure on the dollar.
In the last two meetings, the Fed raised interest rates by 0.75 point (at each meeting). According to the president of the San Francisco regional unit, Mary Daly, the Fed is expected to raise interest rates by 0.5 point at the next meeting. Higher interest rates in advanced economies encourage the flight of resources from emerging countries such as Brazil. A reduction in the intensity of monetary tightening will reduce pressures on the international market.
*With information from Reuters