O
n yesterday, Lula said that the next president of the institution will look at Brazil "the way he is, not the way the financial system speaks". After these comments, the dollar closed the day sold at R$5,6527, its highest level since January 10, 2022. Later that night, Lula stated in a speech that he does not have to account to "banker" or "rich person", but to the poor people of the country.

    Dollar

    Yesterday, the dollar had a high of 1.15%, trading at R$5,6527. With this result, it accumulated: an advance of 1.15% for the week; a gain of 1.15% for the month; a high of 16.49% for the year. The Ibovespa starts operating at 10am. The day before, the Ibovespa had a high of 0.69%, reaching 124,765 points. With this result, it accumulated: a high of 0.69% for the week; gains of 0.69% for the month; losses of 7.02% for the year.

    Understand what makes the dollar price rise or fall

    What is moving the markets? With no major economic agenda items, Lula's criticisms of the monetary policy management of the Central Bank continue to impact the markets. According to Lula, the next president of the Central Bank should look at Brazil "the way it is, not the way the financial system speaks". "I've been working with the president of the Central Bank for two years under [former president] Jair Bolsonaro, that's not right", said the president on Monday, pondering that the autonomy of the BC was approved by Congress and will be respected. "I have to, with a lot of patience, wait for the right time to indicate the other candidate, and see if we can... have a Central Bank president who looks at the country the way it is, not the way the financial system speaks", highlighting that \"whoever wants BC autonomy is the market\". Lula still said that he is committed to fiscal responsibility and that low inflation is his obsession, using as an example the government's decision to maintain the target for price evolution at 3%. The president also said during the night that he does not have to account \"to any rich person in this country, to any banker\". \"I have to account to the poor people of this country who need us to take care of them\". Lula's recent comments join those made by him last week criticizing the institution. He said that "a 10.5% interest rate is unreal for an inflation of 4%", reiterating that the Selic should improve when he indicates the successor to Roberto Campos Neto, current president of the BC. Campos Neto's term ends at the end of this year. In addition, the market is closely monitoring the fiscal situation of the country, especially after the consolidated public sector result revealed a higher deficit than market projections last week. Furthermore, abroad, attention is focused on the US economic activity. According to data from the US Department of Commerce, construction spending unexpectedly fell in May, as higher mortgage rates weighed on single-family home construction. The indicator had a drop of 0.1%, after a high of 0.3% in April. Also, information from the Institute for Supply Management (ISM, in English) indicated that the manufacturing sector in the US contracted for the third consecutive month in June, from 48.7 to 48.5. A reading above 50 indicates growth in the manufacturing sector.

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