See stock exchange and dollar quotes this Wednesday – 03/29/2023 – Market

The dollar opens slightly lower this Wednesday (29), with investors waiting for more information about Brazil’s new fiscal rule on the day of a “conclusive” meeting of ministers on the subject.

As the economic agenda abroad is more emptied, attention turns to local data, such as Caged numbers, which show the situation of job creation in Brazil, and credit statistics in February by BC (Central Bank).

At 9:10 am (Brasília time), the spot dollar retreated 0.14%, to R$ 5.1584 in the sale.

On B3, at 9:10 am (Brasília time), the first contract dollar futures contract fell 0.20%, to R$ 5.1595.

The Stock Exchange closed high and the dollar fell on this Tuesday (28). Analysts claim that, despite adopting a harsh tone, but within expectations, the minutes of the last Copom (Monetary Policy Committee) meeting brought signals from the BC (Central Bank) that, if well designed, the new fiscal rules can help to improve inflation expectations, and from there, make room for interest rate cuts.

The Ibovespa was up 1.52% to 101,185 points. The spot commercial dollar fell 0.80% to R$5.165.

In the interest market, investors adjusted their expectations, raising rates on the shortest curves due to the continuity of the BC’s tougher tone, seen in last week’s statement.

In contracts for January 2024, rates increased from 13.05% at the close of this Monday (27) to 13.14%. For January 2025, interest rates rose from 11.88% to 11.97%. Upon expiry in January 2027, the rate closed flat at 12.14%.

In the view of analysts, the BC’s main focus in making its decisions on interest rates continues to be on expectations for inflation. Therefore, the minutes speak of price projections still above the target, even in a scenario of stable interest rates at 13.75% per year.

Minister Fernando Haddad (Finance) said this Tuesday (28) that the minutes of the Copom (Monetary Policy Committee) of the Central Bank “came with more consistent terms” than the statement released shortly after the meeting last Wednesday. (22).

Abroad, interest rates are also at the center of investor attention. James Bullard, chairman of the Fed’s St. Louis office, said “appropriate monetary policy can continue to bring down inflation.”

Another point that surprised investors was the increase in consumer confidence in the United States, as measured by the Conference Board business association. Even at a time of bank crisis, the indicator’s score rose from 103.4 to 104.2 points, while economists surveyed by Bloomberg expected a drop to 101 points.

In New York, stock indexes fell. The Dow closed down 0.12%. The S&P 500 and Nasdaq fell 0.16% and 0.45%, respectively.

This week, the market will pay attention mainly to the consumer inflation indicator in the United States, the PCE, which is preferred by the Fed to base decisions on interest rates.