Dollar opens lower after two high sessions

The dollar retreated against the real at the opening of this Wednesday (28), after two trading sessions followed by highs in the last week of the year, when the volume of business tends to be reduced.

At 9:15 am (Brasília time), the spot dollar retreated 0.39%, to R$ 5.2696 in the sale.

On Tuesday (27), the dollar showed strong appreciation, demonstrating the continuity of a movement of aversion to risky investments that started the day before, when the session was marked by the expectation of rising inflation next year.

The composition of the government of graduated president Luiz Inácio Lula da Silva (PT) once again gained the attention of investors this Tuesday, especially after confirmation that Senator Simone Tebet (MDB-MS) accepted to take over the Ministry of Planning and Budget, but without the possibility that the portfolio would also house public banks, as had been initially considered.

Some analysts assessed that the senator, with a vision more aligned with the market, will have little influence in the PT administration. The devaluation of the real in this session was also attributed, however, to technical issues, such as an adjustment in relation to the gains obtained last week.

The American currency traded in cash closed the day with a rise of 1.49%, quoted at R$ 5.2860 on sale. The real delivered the worst spot return against the dollar, in comparison with the main global currencies and also with a basket composed of emerging countries. On Monday (26), the American currency had already advanced 0.81% against the Brazilian currency.

Simone Pasianotto, chief economist at Reag Investimentos, described Tebet as a policy that does not raise concerns among investors, but noted that the space allocated by Lula to the senator may have displeased part of the market.

“It’s not that the market dislikes Simone Tebet, as she is seen as a politician with a more central vision, but there is some skepticism about the possibility that she will do something different within an economic team with a more political vision than a technical one” , comments Pasianotto.

In the stock market, the parameter index of the Brazilian Stock Exchange fell 0.15%, to 108,578 points.

The stock market dropped more than 1% up to the beginning of this afternoon, but achieved a partial recovery with the appreciation of shares of exporters of metallic minerals and other basic materials, which largely offset losses in segments more sensitive to inflation and interest rates. , such as retail. Vale’s shares rose 2.39% and were the most traded shares of the day.

Despite concerns about domestic politics, the news about abroad contributed to the partial recovery of the Ibovespa due to the expectation of the end of the Covid quarantine for travelers arriving in China from the second week of next year.

Charo Alves, an expert at Valor Investimentos, pointed out that the impulse given to the Stock Exchange by the news about the reopening of China was only greater because domestic politics came into the focus of investors due to the fall in expectations that public banks could be under the influence from Tebet.

Alves also highlighted that the potential heating up of the Chinese economy with the fall of restrictions against Covid, despite being positive for the commodities sector of the Exchange, tends to cause fear about the advance of global inflation, negatively affecting companies that are more sensitive to price increases. to the consumer and the rise in credit.

On Monday (26), the Central Bank’s Focus report pointed out that the market raised its projection for the basic interest rate (Selic) in 2023, predicting that it will close the year at 12%, surpassing the 11.75% predicted. a week ago.

Analysts considered that the approval last week of the PEC (proposed amendment to the Constitution) of Spending caused a worsening situation for investments.

With Reuters