The dollar closed up again this Monday (20), with investors monitoring the local political news and looking for signs about the trajectory of interest rates abroad, adding to domestic fears about the future of Petrobras, whose chief executive resigned after last week’s price readjustment.
The US currency rose 0.85%, trading at BRL 5.1867. See more quotes. This is the highest closing value for the currency since February 14, when it closed at R$5.2186.
On Friday (17), the dollar closed up 2.32%, at R$ 5.1432. With today’s result, it started to accumulate a high of 9.16% in the month. In the year, it still has a devaluation of -6.96% against the real.
Ibovespa is still trying to recover from the previous week’s fall. The indicator rose 0.03% to 99,853 points.
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Here, amid concerns about global economic growth and the approach of presidential elections, uncertainty about the future of Petrobras has returned to the spotlight, after José Mauro Coelho resigned as chief executive.
His departure comes amid growing pressure on the state-owned company, especially after the hike in diesel and gasoline prices last week. Coelho is the third president of Petrobras to leave the command in a context of government dissatisfaction with the company’s pricing policy.
“This adds to the risk aversion in Brazil that we were already seeing,” Michelle Hwang, currency and rates strategist at BNP Paribas, told Reuters. According to her, foreign investors find it very easy to withdraw funds from the domestic market at the slightest sign of uncertainty, which explains the sudden rise that the currency has shown in recent days.
The president of the Chamber of Deputies, Arthur Lira (PP-AL), summoned the leaders of the ruling parties to discuss changes in Petrobras’ price policy this Monday.
On Friday, Lira said that parliamentary leaders will discuss the possibility of doubling the taxation of the state-owned company’s profits. President Jair Bolsonaro, on the other hand, called the new fuel adjustment “treason” and defended the creation of a Parliamentary Commission of Inquiry (CPI) to investigate the state-owned company’s council.
Abroad, the focus remains on the path of interest rates to contain inflation and on fears of global recession. The holiday in the USA (slave emancipation) limits the volume of trading on the financial markets.