Key Takeaways
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- The Brazilian Real depreciated against the dollar, closing at R$5.1962 on Tuesday, January 10. This follows a dip to its lowest value since May 24.
- The Ibovespa stock index fell due to increased expectations of cautious interest rate cuts by the Central Bank following higher-than-anticipated IPCA inflation data.
- Economy Minister Fernando Haddad discussed social spending reforms and the Master case at a BTG Pactual event, which was also attended by U.S. Treasury Secretary Scott Bessent.
- Market watchers are monitoring import prices, company inventories, oil prices, and the upcoming jobs report for further insights into the Brazilian and global economic landscapes.
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Dollar Climbs to R$5.1962 Amidst IPCA Inflation Data and Haddad’s Economic Reforms Discussion
On Tuesday, January 10, the dollar closed up 0.16 at R5.1962, following the previous day’s dip to its lowest value since May 24. Meanwhile, Brazil’s Ibovespa stock index fell 0.17%, closing at 185,929 points. These shifts occurred as Brazilians followed the release of IPCA inflation data. According to the Brazilian Institute of Geography and Statistics (IBGE), January prices rose by 0.33%, resulting in a 4.44% increase over the past year. This figure exceeded expectations, leading investors to anticipate a more cautious approach to interest rate cuts by the Central Bank, which put pressure on the Ibovespa. Also of interest was Economy Minister Fernando Haddad’s discussion of social spending reforms and remarks on the Master case at a BTG Pactual event, which U.S. Treasury Secretary Scott Bessent also attended. U.S. investors monitored economic data and statements from Federal Reserve officials such as Cleveland Fed President Beth Hammack, who stated on Tuesday that U.S. interest rates are unlikely to change in the near future. December retail sales remained stable, reflecting decreased spending on automobiles and major purchases. Market watchers are tracking import prices, company inventories, and oil prices in anticipation of Wednesday, January 11’s jobs report. (G1)
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