The dollar fell against the real on Monday morning (8), continuing the strong depreciation seen at the end of last week.
The drop reflects relief in international sentiment in this trading session, as investors await the release of domestic and US inflation data in the coming days.
At 9:11 am, the spot dollar retreated 0.41%, at R$ 5.1476 on sale.
On B3, at the same time, the dollar futures contract of the first maturity fell 0.37%, to R$ 5.1835.
The US spot currency closed the last session, on Friday (5), down 1.03%, at R$ 5.1689 on sale.
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 September 1, 2022.
On Friday, the real appreciated the most against the dollar against the main currencies, in addition to occupying the third position among the currencies of emerging countries that rose the most on the day, behind the Russian ruble and the Thai baht.
Optimism prevailed in the Brazilian financial market last week, with investors evaluating the Central Bank’s statement last Wednesday (3), which raised the Selic rate to 13.75% per year.
Although the monetary authority left the door open for a new increase in September, investors considered that there will be a pause in the credit crunch in the coming months.
As inflation is expected to fall, real interest (nominal rate discounted inflation) tends to rise and this attracts more dollars to the country’s fixed income.
The rise in the Selic rate has already reinforced Brazil’s position as leader in the world ranking of real interest rates, a situation it has held since the May meeting of the Central Bank’s monetary committee, according to a survey by the MoneYou portal and the manager Infinity Asset Management.
The valued commodities sector also favored gains on the Brazilian Stock Exchange. The Ibovespa, a benchmark for the stock market, rose 3.21% last week.
Abroad, however, the dollar regained strength after the US government announced that job creation in July exceeded expectations.
The unemployment rate fell to 3.5%, the lowest recorded since before the pandemic. This indicated that the US economy was not in recession, despite two consecutive quarterly declines in GDP (Gross Domestic Product).
Investors therefore considered again that the Fed (Federal Reserve, the American central bank) will maintain a similar level of increase in its interest rate from the last two meetings, of 0.75 percentage point.
Higher interest rates increase the yield on US Treasuries and increase the value of the dollar.
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