🇧🇷📈💰 — The commercial dollar in Brazil has surpassed R$5.80, reaching a peak of R$5.84 at 11:34 AM, marking a 0.77% increase for the day. This is the highest nominal level under President Lula's administration, surpassing previous records and reaching the highest point since May 15, 2020, when the rate closed at R$5.84

💥 The U.S. dollar has risen by 6.13% in October alone and has accumulated an impressive 19.12% increase over the year. The historical high for the commercial dollar occurred on May 13, 2020, during the COVID-19 pandemic, when it reached R$5.90.

🤡 This exchange rate volatility is being driven by delays in President Lula’s administration in announcing a public spending cuts package, a measure investors have been anticipating. Finance Minister Fernando Haddad downplayed these concerns, calling the press’s questions on the topic "silly insistence" during an event in Brasília.

⌛ Expectations for an imminent announcement have been disappointed, as Haddad will be in Europe throughout the next week, returning to Brazil only on November 9. As a result, fiscal adjustment measures are expected to be sidelined until at least November 11, dashing hopes for a more immediate decision, especially after the second round of municipal elections.

Souce 🖇