In a session marked by a greater appetite for risk among investors on a global scale, the dollar dropped 1.25% against the real this Wednesday (22), quoted at R$ 5.6670 for sale.
According to Jefferson Rugik, from Correparti Corretora de Câmbio, the US currency had a devaluation day against several emerging currencies, especially those more linked to commodities, a reflection of a demand for risk on the part of investors in the international market.
US stock indices closed higher, with gains of 1% for the S&P 500 and 1.2% for the Nasdaq. The Dow Jones advanced 0.74%.
“The feeling on the part of the market that the heaviest outflow, which is typical of the end of the year, has also helped in the fall of the currency here, which helped to take the pressure off the currency’s buying”, points out Rugik, in note.
Fears about the new strain of coronavirus, considered more communicable, toppled global markets in recent sessions and catapulted the dollar around the world. Here, the currency recently registered six highs in eight sessions, a period in which it broke the R$ 5.70 barrier and accumulated a 3.7% jump.
The dollar’s easing across the globe this session may also have been exacerbated by lower liquidity, as investors slow down ahead of Christmas and New Years. In Brazil, the volume of dollar futures contracts traded on B3 barely exceeded 170 thousand, 28% below the average of 21 sessions (about one month) and 33% below the average of 42 trading sessions.
Amid lesser liquidity, the BC (Central Bank) provided dollars to the market. The monetary authority sold the entire lot offered for US$700 million (R$4 billion) in “new” currency swaps and later postponed the maturity of US$731 million (R$4.18 billion) in these derivatives.
In the domestic fiscal area —one of the main exchange rate guides this year—, financial agents focused on the 2022 Budget, approved the day before by Congress.
The approved opinion provides that, after the approval of the constitutional amendments that changed the form of payment of court orders, a fiscal margin of BRL 113.1 billion will be created for the next year, higher than the federal government’s estimate of BRL 106 billion .
“After the extension of the spending ceiling and the non-payment of court orders, the 2022 Budget looks credible, but it will not be executed without challenges,” XP said in a statement.
Uncertainties about fiscal policy ended up weighing on the performance of the Brazilian stock exchange, with a slight drop of 0.24% of the Ibovespa at the close of business, to 105,243 points, despite positive news about the micron that helped indices in the United States and in Europe to move forward.
“There is no great reason to go abroad and not here. This great cool is what happened all year,” says Leonardo Milane, chief strategist at VLGI Investimentos. He mentions internal issues that affected the index’s performance in 2021 such as political uncertainty, high inflation and weak activity data.
Among the biggest casualties of the day, consumer papers stood out, such as Magazine Luiza (-4.05%, at R$ 6.16) and Natura (-4.02%, at R$ 25.77), as well as from the sector of health —Rede D’or retreated 5.76%, to R$ 42.75, while Hapvida conceded 3.24%, to R$ 11.05.
On the opposite end, Getnet shares jumped 23.4%, to R$4.06, after the company announced the payment of around R$250 million as interest on equity to shareholders the day before.
with Reuters
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