SAO PAULO (Reuters) – The spot dollar closed lower against the real on Monday, under influence from abroad and with market participants taking advantage of higher quotations, especially towards the beginning of the afternoon, to sell the North American currency. American in Brazil.
The spot dollar closed the day quoted at 5.1697 reais, down 0.60%. It was the second consecutive falling session for the US currency, which reached the lowest closing price since February 23.
On the B3, at 5:31 pm (Brasília time), the first contract dollar futures contract fell 0.63%, at 5.1950 reais.
The dollar opened the day on a high, in line with the rest of the world, where the US currency also advanced against other currencies from commodity exporting countries.
At 10:40 am (Brasília time), the US currency reached the maximum quotation of the session, of 5.2183 (+0.34%), but lost steam soon after.
According to Jefferson Rugik, director of Correparti Corretora, exporters took advantage of the higher values to sell currency, which weighed on quotations. Rugik also identified a flow of foreign funds directed to the Brazilian stock exchange, which reinforced the downward bias for the US currency.
“The dollar also lost strength abroad and reversed the sign, going into the negative. Brazil ended up following”, he said.
In this scenario, the US currency marked the minimum quotation of 5.1619 reais (-0.75%) at 12:45 pm. At the end of the day, the currency was still in the range of 5.16 reais.
Abroad, the week is full of agenda, but this Monday was of few highlights. In the morning, the news, released on Sunday, that China had set a growth target of around 5% for 2023 was still reverberating on the trading desks. One of the readings was that the percentage –lower than in previous years– could alleviate global inflationary pressure.
On the agenda for the week, Federal Reserve Chairman Jerome Powell will address the US Congress on Tuesday and Wednesday. On Friday, employment data for the US agricultural sector will be released.
At 5:31 pm (Brasília time), the dollar index – which measures the performance of the US currency against a basket of six currencies – fell 0.26%, at 104.360.
In the morning, the Central Bank fully sold the offer of 16,000 swap contracts, for rollover of April maturities.
(Fabrício de Castro)
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