© Reuters. US dollar bills and coins in a bank vault in Westminster, Colorado, USA 11/3/2009 REUTERS/Rick Wilking
SAO PAULO (Reuters) – The Brazilian currency entered a bearish route this morning, more than reversing the earlier high and after having already advanced significantly in the last two sessions, with the Brazilian currency among the few in high in a trading session with a strong dollar and a higher-than-expected Brazilian GDP.
Brazil’s recorded growth of 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.
One of the evidences of greater presence of foreigners, purchases made by foreigners on the secondary stock market surpassed sales by 17.95 billion reais in August until the 26th, according to data from B3 (BVMF:).
“We are yet to see more upward revisions of GDP projections, both in 2022 and 2023,” Rafaela Vitoria, chief economist at Banco Inter (BVMF:) said on Twitter.
“The result is good, but we will not review this year’s GDP yet, we project 2%, since we are going to look in detail at other components such as the external sector that retreated with the expressive rise in imports and fall in exports”, pondered André Perfeito , chief economist at Necton.
In any case, the foreign exchange market continues to be 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 (BVMF