The dollar advanced against the real shortly after the opening of this Tuesday (6), following the recovery of the US currency abroad and increasing caution from local investors on the eve of the holiday of September 7, which will bring demonstrations called by President Jair Bolsonaro.
At 9:09 am (GMT), the spot dollar advanced 0.21%, at R$5.1642 on sale.
On B3, at 9:09 am (GMT), the first-maturity dollar futures contract rose 0.14% to R$5.1980.
This Monday (5), the dollar closed down by 0.65%, quoted at R$ 5.1530. The American currency, however, gained value compared to the main currencies of the planet, reflecting the concern of investors with the effects of the energy crisis in Europe.
Alleging difficulties caused by economic sanctions imposed by the West after the start of the Ukrainian War, Russia decided to extend maintenance on the Nord Stream 1 gas pipeline.
The restoration was scheduled for last Saturday (3). Now, however, Russian state-owned Gazprom has no deadline to restart the main source of gas supply to Germany, the continent’s largest economy.
Higher energy prices could result in aggressive new interest rate hikes, especially in the United States, a movement that tends to increase the value of fixed income assets linked to the dollar.
Although the European Central Bank is also raising interest rates – a new high could be announced next Friday (9) -, the continent’s common currency has already fallen 12% since the beginning of the war.
On Monday, one euro bought $0.9929. It is the lowest value of the currency against the dollar since November 2002. In the Brazilian exchange, the euro fell 0.86%, quoted at R$ 5.1180.
The Frankfurt Stock Exchange tumbled 2.23%. Paris fell 1.20%.
This context, however, did not harm the Brazilian Stock Exchange. The Ibovespa reference index rose 1.21% to 112,203 points. The mining company Vale advanced 3.66%. Oil company PetroRio soared 6.45%.
Producers of oil and metallic raw materials, which represent the sector with the greatest weight on the Ibovespa, benefited from the appreciation of these products after the release of data on China’s economy that pleased the market.
Research by the Caixin media group showed that the Chinese service sector has oscillated close to stability. The news is better than expected, according to analysts at Nova Futura Investimentos, as the country has been facing new stoppages to contain Covid.
China is the largest global consumer of oil and steel.
In addition, OPEC (the cartel of producing countries) and its allies led by Russia agreed on Monday to a small cut in oil production to raise prices that have fallen on fears of an economic slowdown.
In October, oil producers will reduce production by 100,000 barrels a day, which is equivalent to 0.1% of world demand.
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