The dollar had a slight drop against the real in the first trades this Thursday (13), with investors waiting for US inflation data that may provide clues about the path of monetary tightening of the Fed (Federal Reserve).
The day before, when Brazilian markets were closed, the Fed reinforced its commitment to fighting high prices in the minutes of its last meeting.
At 9:08 am (GMT), the spot dollar retreated 0.14%, to R$ 5.2649 on sale.
On B3, at 9:08 am (GMT), the dollar futures contract with the first maturity fell 0.55%, to R$ 5.2860.
On Wednesday (12), stock markets on Wall Street closed down and the dollar had a slight appreciation against the main currencies. In Brazil, there were no trades on the Stock Exchange due to the celebrations of the Patron Saint’s Day.
Authorities responsible for the policy of controlling inflation in the United States consider that it is necessary to continue raising interest rates to stop the rise in prices, according to the minutes released this Wednesday of the last meeting of the Fomc, the open market committee of the Fed (Federal Reserve, the American Central).
In view of the release of the minutes, the US stock market extended the sequence of lows. The New York Stock Exchange’s benchmark, the S&P 500, dropped 0.33% on Wednesday. It is the sixth consecutive drop of the indicator.
The Dow Jones and Nasdaq, two other major US stock indexes, dropped 0.10% and 0.09%, respectively.
At last month’s meeting, the Fed raised interest rates by 0.75 percentage points for the third time in an effort to reduce the highest inflation in 40 years.
Fomc projections released with the minutes show that the basic interest rate, currently in the range of 3% to 3.25%, will rise to the range of 4.25% to 4.50% by the end of this year.
Davi Lelis, a specialist at Valor Investimentos, says that financial market indicators indicate that the Fed is only halfway through tightening interest rates.
Lelis explains that indicators of the beginning of a cycle of interest rate hikes, such as the deceleration of industrial activity, reveal that monetary policy is starting to cool the economy.
But indicators that would show the mid-cycle situation, such as the generation of jobs that remains heated, reveal that high interest rates have not yet managed to cool the job market, according to the expert.
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