In another day of high dollar exceeds the actual 3.70 mark (VEJA.com/Reuters)
After rising for three consecutive trading days, the dollar following in upward trend on Wednesday.Early in the session, at 9 am, the dollar reached 3.73 reais and hit at about 11:40 am, the currency was advancing 1.73%, to 3.75 reais, the first time since the end of 2002,
The market is still concerned about the fiscal situation of the country after the government sent to Congress the text of the 2016 budget with the forecast of a deficit of 30.5 billion reais. Investors saw a weakening in the budget proposal of the Finance Minister's position, Joaquim Levy, ahead of the economic policy of the country - the minister cut spending rather than leaving the closed accounts in the red next year.
Operators also put in account the news that the hole in the public accounts may be higher than anticipated by the government, 70 billion reais. There is also the growing fear that, after recognition of the gravity of the economic crisis, the country lost the investment grade.
"Both in politics and in the economy, the situation is very difficult. It is likely that the dollar will rise further," said the superintendent of exchange of TOV brokerage, Reginaldo Siaca, who expects the dollar to approach 4 real in the coming weeks .
Traders are also eyeing the effects of the economic slowdown in China may trigger the world, especially in emerging countries. On Wednesday, the Shanghai stock market closed with a slight drop of 0.2%, to 3160.17 points. There are indications, however, that Beijing needed to intervene in the afternoon business (local time), as the Shanghai Composite, the main index of the country, came to fall 4.7% at the opening.
