“The market is a bit without rationality because the volume is very low at the end of the year and the uncertainties are very strong,” he told Reuters managing operator of an international bank resources. “Yesterday soared, now has room to fall, especially with the more favorable external environment.”
Since Friday, the dollar is pressed for the appointment of Nelson Barbosa to replace Joaquim Levy at the Ministry of Finance. Although Barbosa has reinforced the importance of the adjustment of public accounts in his speeches, operators fear that his appointment signals relaxation of fiscal discipline.
In this session, however, traders adjusted their portfolios after high expressive in the last two sessions. The more positive mood in foreign markets also favored the setting, with oil prices running near stability after reaching the minimum in 11 years amid hopes of new stimulus in China.
The move was marked by low turnover in Brazil in the penultimate session before the Christmas holiday. “With the proximity of year-end holidays, the turnover tends to decrease,” he told Reuters operator brokerage SLW John Paul Correa de Gracia.
He added, however, that “local players should show little willingness to take risks to see in practice the new finance minister … fulfill the promise to seek the balance of public accounts”.