Dollar drops to R$5.26 and has its first weekly drop since May

In another day of relief in the financial market, the dollar fell to below R$ 5.30 and had its first weekly retreat since May. The stock market ended the day lower, but recorded the second straight week of gains.

The commercial dollar closed this Friday (8) sold at R$ 5.268, with a fall of R$ 0.077 (-1.44%). The price even opened slightly higher, but began to plummet shortly after the opening of the North American market, closing close to the minimum value of the day.

With today’s performance, the dollar accumulates a 0.99% drop in the week, after reaching R$ 5.46 last Wednesday (6). The currency rises 0.63% in July, but drops 5.52% in 2022.

In the stock market, the day was marked by volatility. The B3 Ibovespa index closed at 100,299 points, down 0.44%. The indicator started the day higher, but reversed the movement during the session and started to fall, pressured by mining and steel stocks. Despite today’s drop, the stock gained 1.35% for the week and continued above 100,000 points.

US labor market data brought relief to the global market. The announcement that the US economy created 376,000 jobs in June cheered investors. The number came higher than expected, which reduces the risk of the largest economy on the planet going into recession, despite recent interest rate hikes by the Federal Reserve (Fed, US Central Bank).

In Brazil, the delay in voting on the proposed amendment to the Constitution (PEC) that increases social benefits and creates aid for truck drivers and taxi drivers until the end of the year influenced the market. Scheduled to take place yesterday (7) in the Chamber of Deputies, the vote was postponed to Tuesday (12) due to lack of quorum. The market is afraid of the impact of R$ 41.25 billion of the proposal on the Union Budget until the end of the year.

*With information from Reuters.Dollar drops to R$5.26 and has its first weekly drop since MayDollar drops to R$5.26 and has its first weekly drop since May

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