The spot dollar ended Tuesday’s session practically stable against the real, even after the BC’s first intervention in the market in more than a year, with an injection of US$ 1 billion into currency swap contracts.
The BC justified the operation citing the “demand for foreign exchange instruments resulting from the effects of the redemption of NTN-A3 (National Treasury Note, subseries A3) on 4/15/2024”. In addition to the extra lot, the BC also carried out the usual rollover of US$800 million in currency swaps, with no major impact on business.
The stability of the exchange rate here was at odds with the behavior of the dollar abroad, which lost ground to its peers and also to emerging currencies, in the wake of the appreciation of commodities. On the data agenda, the market monitored the Jolts report, which brought strong job creation (8.756 million), but within expectations (8.770 million), and industrial orders, which rose 1.4% in February, reversing the drop in 3.6% in January and above market expectations, an increase of 1.0%.
New statements from Fed members kept doubts about the next steps of American monetary policy in the air. Loretta Mester (Cleveland Fed) repeated that more data needs to be analyzed to be sure about the inflation trajectory. And Mary Daly (San Francisco Fed) said three rate cuts this year is a reasonable base case, but not a compromise.
The spot dollar closed slightly down 0.02%, at R$5.0583, after fluctuating between R$5.0231 and R$5.0628. At 5:07 pm, the dollar futures for May rose 0.10%, to R$5.0730. The DXY index fell 0.21%, to 104,794 points. The euro rose 0.22% to US$1.0766. And the pound gained 0.20%, at US$1.2575.
| Date | Purchase | Sale | Variation | Variation |
| 01/4/2024 | 5.0585 | 5.0591 | 0.87% | 0.0438 |
| 02/4/2024 | 5.0576 | 5.0582 | -0.02% | -0.0009 |
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