The dollar traded between stability and slight gains against the real on Monday, with traders in standby mode ahead of speeches by US central bank chief Jerome Powell and US jobs data due this week.
Investors are still awaiting the government’s plan for Brazil’s new fiscal framework, which is expected to be released this month.
At 9:43 (Brasilia time), the spot dollar was up 0.04%, at 5.2028 reais on sale.
In B3, at 9:43 am (Brasilia time), the first dollar futures contract was up 0.08%, to 5.2320 reais.
“The dollar lateralization scenario reflects both domestic and external expectations,” Toro Investimentos analyst Lucas Serra told Reuters.
Abroad, the day has a weak economic agenda, but the week will see Powell address the US Congress on Tuesday and Wednesday. Investors will be watching the US central bank chief’s assessment of the impact that monetary tightening has already had on the economy, while also waiting for clues about the next steps in the process of raising interest rates.
In addition, data on job creation outside the US agriculture sector is due out on Friday, which will be closely scrutinized by investors for further clues about the health of the world’s largest economy. The expectation in a Reuters poll is that 200,000 jobs were opened in February.
“If there is better-than-expected data, not only for job creation, but also for the average salary of the population, we could see the Fed having to hold interest rates longer at higher levels, which would drive up the dollar,” Sierra said.
Amidst the compass waiting in global markets, the dollar index against a basket of strong pairs swung around stability this morning.
On the local scene, investors are paying attention this Monday to the meeting between President Luiz Inácio Lula da Silva and Finance Minister Fernando Haddad amid high expectations for the release of the country’s new fiscal framework, expected this month, he said Banco Inter. in note.
The meeting between Lula and Haddad is scheduled for 10:30, according to the agenda of the President.
“On the domestic front, the waiting scenario is mainly due to the fiscal framework. If we have a solid framework, which has an increase in revenues able to offset the recent increase in spending, we could have a cooling of the dollar”, assess Serra, of Bull.
The US currency closed the latest trading session quoted at 5.2007 reais, down 0.07%.
Source: Terra
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