O dollar started the day operating lower in the spot market, shaken by the rises in iron ore, oil and intermediate and long interest rates on Treasuries.
The adjustments were moderate amid expectations for the publication of the first reading of the United States Gross Domestic Product (GDP) and PCE inflation data for the first quarter this Thursday morning (25).
At 9:21 am, the spot dollar fell 0.25%, to R$5.1354. The dollar for May lost 0.38%, to R$5.1365.
Released before 10 am, the Gross Domestic Product (GDP) of the United States recorded growth of 1.6% in the first quarter of 2024. The indicator lost strength after the 3.4% increase observed in the 4th quarter of last year, according to that released by the American Department of Commerce.
Furthermore, it was below the 2.4% expected by the LSEG analyst consensus.
Impact of GDP and PCE on the dollar and interest rates
The North American data should help the market in recalibrating easing expectations, before the main indicator expected for the week, the March PCE, tomorrow, when the IPCA-15 also comes out in Brazil.
The sum of American indicators should guide the Fed’s monetary decision next Wednesday, May 1st, when Labor Day will be a holiday in Brazil.
Highlights in Brazil
On the internal agenda, today’s focus will be on the Ministry of Finance’s press conference to detail the first bill of complementary tax reform laws, at 10 am. Also highlighted is the Petrobras shareholder meeting (PETR4), at 1 pm.
The meeting must elect a new Board of Directors and approve the proposal to pay 50% of the extraordinary dividends for 2023 by the state-owned company.
Furthermore, the focus will be on the president of the Central Bank (BC), Roberto Campos Neto, at the opening of the G20 TechSprint 2024 (10 am), and on the Minister of Finance, Fernando Haddad, at the Tax Law Congress, in São Paulo (5 pm).
Earlier, the Construction Confidence Index (ICST) fell 1.4 points in April, to 95.2 points, reported Fundação Getulio Vargas (FGV).
The National Construction Cost Index (INCC-M) accelerated from 0.24% to 0.41% from March to April. As a result, the indicator accumulates an increase of 3.48% in the last 12 months.
With information from Estadão Conteúdo.
