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3h ago

Brazil Markets Diverge After U.S. Sanctions Raise Political Risk

Investors await Copom minutes for policy signals following U.S. measures that briefly lifted Brazil’s risk premium.

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Overview

  • The spot dollar closed up 0.33% at R$5.3376 on Monday after trading between R$5.3205 and R$5.3655.
  • The Ibovespa fell 0.52% to 145,109 points, reflecting a cautious local session.
  • Local FX moves diverged from external benchmarks, with the DXY down about 0.32% and the euro at R$6.2893, up 0.82%.
  • The U.S. announced Magnitsky sanctions on Viviane Barci de Moraes and the Lex institute and revoked visas for several Brazilian judicial figures, including AGU minister Jorge Messias.
  • By Tuesday morning the dollar hovered near R$5.33 in wholesale trading and around R$5.55 in retail quotes, as markets looked to Copom minutes after the Selic was held at 15%.