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Dollar Surges Past R$6.20 Amid Brazilian Economic Data Release
(MENAFN- The Rio Times) The dollar climbed against the Brazilian real on Friday, December 27, 2024. Investors digested a flurry of economic data from Brazil. The US currency rose despite falling against other major currencies globally.
At 10:50 AM, the spot dollar increased by 0,55% to R$6.2116. On the B3 exchange, the January dollar contract, currently the most liquid, advanced by 0,40% to R$6.2135.
The previous day, the spot dollar closed 0,11% lower at R$6.1779. This decline followed the Central Bank 's sale of $3 billion in a spot auction. For Friday, the Central Bank announced only a swap auction of up to 15,000 contracts.
Brazil's statistics agency IBGE reported the IPCA-15 index, a preview of official inflation, rose 0,34% in December. This increase followed a 0,62% rise in the previous month.
The unemployment rate for the quarter ending in November stood at 6,1%. The Ministry of Labor and Employment revealed Brazil created 106,625 formal jobs in November.
This figure fell short of economists' expectations of 129,500 new positions. November's job creation was the lowest for the month since 2019. The dollar 's strength stemmed from distrust in President Lula's fiscal policy.
This skepticism has driven up exchange rates as the year ends. Matheus Massote from One Investimentos highlighted fiscal policy expectations as the main market driver. Friday marked the penultimate trading day in Brazil for the year.
Market liquidity was expected to decrease, especially in the afternoon. At 10:48 AM, the dollar index, measuring the US currency against six major peers, fell 0,16% to 107,910.
The market's focus on fiscal policy overshadowed the new economic data. Investors continued to watch the government's financial decisions closely. The dollar's rise reflected ongoing concerns about Brazil's economic direction under the current administration.
At 10:50 AM, the spot dollar increased by 0,55% to R$6.2116. On the B3 exchange, the January dollar contract, currently the most liquid, advanced by 0,40% to R$6.2135.
The previous day, the spot dollar closed 0,11% lower at R$6.1779. This decline followed the Central Bank 's sale of $3 billion in a spot auction. For Friday, the Central Bank announced only a swap auction of up to 15,000 contracts.
Brazil's statistics agency IBGE reported the IPCA-15 index, a preview of official inflation, rose 0,34% in December. This increase followed a 0,62% rise in the previous month.
The unemployment rate for the quarter ending in November stood at 6,1%. The Ministry of Labor and Employment revealed Brazil created 106,625 formal jobs in November.
This figure fell short of economists' expectations of 129,500 new positions. November's job creation was the lowest for the month since 2019. The dollar 's strength stemmed from distrust in President Lula's fiscal policy.
This skepticism has driven up exchange rates as the year ends. Matheus Massote from One Investimentos highlighted fiscal policy expectations as the main market driver. Friday marked the penultimate trading day in Brazil for the year.
Market liquidity was expected to decrease, especially in the afternoon. At 10:48 AM, the dollar index, measuring the US currency against six major peers, fell 0,16% to 107,910.
The market's focus on fiscal policy overshadowed the new economic data. Investors continued to watch the government's financial decisions closely. The dollar's rise reflected ongoing concerns about Brazil's economic direction under the current administration.
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