After the American currency closed last Monday (1), quoted at R$ 5.0588 on sale, the highest closing value since October 13 last year, the assessment of Felipe Guerra, CIO of Legacy Capital, is that there is not much room for appreciation of the real against the dollar.
“We were never optimistic about the real, because Brazil is cutting interest rates and the world is holding back. The interest rate differential is at its lowest if the pandemic period is taken away”, pondered the executive, during a panel at the Brazil Investment Forum, an event promoted by Bradesco BBI this Tuesday (2), in São Paulo.
Guerra also noted that the Brazilian current account does not seem to be doing so well, given the recent move made by the Central Bank. “BC is intervening in the exchange rate. The Brazilian current account is not that good, otherwise it [BC] would not be intervening. Really I see little upside [valorização]”, summarized the executive.
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The day before (1), the American currency ended the trading session at R$5.0588 on sale, an increase of 0.86%, the highest closing value since October 13th of last year. The movement led the Central Bank to announce an extraordinary traditional currency swap auction to be held in today’s session.
With this, the BC will sell US$ 1 billion in foreign exchange swap contracts on the trading floor, in an operation to be carried out between 12:30 and 12:40, which seeks to meet the demand generated by the redemption of the NTN-A3 bond, linked to the exchange rate, scheduled for 15 Of april.
This extra operation should not be confused with the daily swap auction that has been carried out by the BC to roll over June maturities this year. This Tuesday, from 11:30 am to 11:40 am, 16,000 rollover swap contracts were put up for sale.
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