SAO PAULO (Reuters) – The dollar was down this Wednesday against the real, which does not even close the previous day’s strong gains, with the foreign exchange market still in a conservative mode amid fears of a threat to fiscal credibility after proposals expenses outside the spending ceiling.
The dollar in cash fell 0.22%, to 5.5834 reais, at 9:30 am (GMT), and has already reached zero. On B3, the dollar futures of first maturity retreated 0.12%, to 5.5915 reais, after hitting 5.6040 reais.
On Tuesday, the price on the spot market jumped 1.35%, to 5.5956 reais, maximum closing since April 15 (5.6276 reais).
Futures interest, which soared more than 50 basis points the day before, rose another 10 basis points this Wednesday morning.
The market remains in a state of tension after the liquidation of local assets the day before, when the Ibovespa sank more than 3% after news that the government would propose to fund part of the new Bolsa Família (Auxílio Brasil) with funds outside the spending ceiling until the end of 2022. Analysts said it would be the demoralization of the instrument, seen as the country’s fiscal anchor.
The most recent news points out that the Executive could resort to an adjustment in the PEC of the precatório to make the Auxílio Brasil viable – the PEC can be voted on in a special commission this Wednesday.
Making the life of Economy Minister Paulo Guedes even more difficult, there are those who say that the reform of the Income Tax – the minister’s initial bet to finance Brazil Aid – should not advance in the Senate until at least the end of the current government.
The temperature in the market and in Brasília, therefore, remains high, so much so that the Central Bank will again offer another 1.2 billion dollars in US currency derivatives, after the real, once again, having been the worst performing currency in the world.
“In fact, despite the Selic highs in recent months, the fiscal seems to be the main responsible for the continued upward trajectory of the dollar against the real,” said Rafael Gabriel Pacheco, from Guide Investimentos.
(By José de Castro)
The Dollar post outlines a drop, but remains close to R$5.60; interest shoots back up first appeared in ISTOÉ MONEY.
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