Dollar fluctuates close to R$5.20 with a conservative exterior on a day of GDP in Brazil

Dollar fluctuates close to R$5.20 with a conservative exterior on a day of GDP in Brazil
Dollar fluctuates close to R$5.20 with a conservative exterior on a day of GDP in Brazil

SAO PAULO (Reuters) – The dollar fluctuated on Thursday morning, rising earlier after having already advanced significantly in the last two sessions, with the Brazilian currency sensitive to the external bad mood amid fears about price hikes. interest rates and risk of recession in major economies.

Meanwhile, on the local scene, investors were analyzing better-than-expected data on economic activity in the second quarter and monitoring election news.

Brazil’s GDP grew by 1.2% in the second quarter of this year compared to the first, above the 0.9% rate expected by economists. In relation to the second quarter of 2021, GDP increased by 3.2%, against expectations of a high of 2.8% on this basis of comparison. There were also upward revisions to the data for the first quarter of 2022 and the last three months of 2021.

The better performance of the activity is a positive factor for the exchange rate, as it can stimulate capital inflows from investors who see greater dynamism in the economy.

“The result is good, but we will not review this year’s GDP yet, we project 2%, since we will look in detail at other components such as the external sector, which retreated with the expressive rise in imports and fall in exports”, said André Perfeito , chief economist at Necton.

And the foreign exchange market remains heavily influenced by external weather, dictated by concerns about recession, tightening of monetary policy amid high inflation in many central countries.

The market is anxiously awaiting US labor market data later this week.

“The disclosure of the variation in the August payroll, which takes place on Friday, remains on the radar, since a possible positive surprise could justify a more intense increase in the interest rate than expected”, said Bradesco in a note. morning.

At 9:28 (Brasília time), the spot dollar had a positive variation of 0.04%, at 5.2028 reais on sale, after rising to 5.225 reais, a high of 0.47%, the maximum so far.

On B3, the first-maturity dollar futures contract rose 0.29% to 5.2395 reais.

The dollar index against a basket of currencies was up 0.3% this morning, with emerging currencies falling.

The spot dollar closed the last session up 1.74%, at 5.2007 reais on sale, the biggest percentage gain since August 2 (1.93%) and the highest closing level since the last day 4 (5 .2228 reais).

In this trading session, the Central Bank will auction up to 15 thousand traditional foreign exchange swap contracts for the purpose of rolling over the maturity date of October 3, 2022.

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The article is in Portuguese

Tags: Dollar fluctuates close R5 .20 conservative exterior day GDP Brazil

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