The Brazilian real rose to 5.17 per USD from the three-month low of 5.22 on July 2nd as weak labor data from the US threatened to stretch the rate differential between the Fed and the BCB. The interest rate differential remains supportive for the real, with Brazil's benchmark Selic rate at 14.25% compared with the US policy range of 3.50%-3.75%. The wide yield gap continued to attract foreign inflows and support the Brazilian currency. Domestic gross public debt rose above forecasts in May, while primary deficit was wider than expected. The deterioration in fiscal accounts reinforced expectations of higher-for-longer borrowing costs and persistent upward pressure on interest rates. In addition, Brazil’s annual inflation rose past 4.8% in the first half of June, above the central bank's upper target band of 4.5%

Brazilian Real Strengthens as Fed Rate Hike Bets Ease

The FTSE MIB Index gained 391 points or 0.75 percent on Friday to close at 52819 points. Gains were led by Amplifon (4.71%), Saipem (3.69%) and Lottomatica (3.67%). Biggest losers were Stellantis N.V. (-3.60%), Brunello Cucinelli (-0.70%) and Azimut Holding (-0.52%).

The FTSE MIB Index Closes 0.75% Higher

The DAX Index went up by 198 points or 0.78 percent on Friday to close at 25779 points. The rise was led by E.ON (4.38%), Siemens (2.58%) and Daimler Truck Holding AG (2.18%). On the downside, the weakerst performers were Rheinmetall (-2.27%), SAP (-1.62%) and Qiagen NV (-1.33%).

The DAX Index Closes 0.78% Higher

The CAC 40 Index rose 41 points or 0.48 percent on Friday to close at 8516 points. Leading the gains are ArcelorMittal (5.89%), Edenred (3.73%) and Veolia (2.88%). Top losers were Stellantis NV (-3.37%), Essilor (-1.87%) and Kering (-1.47%).

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Brazilian Real Strengthens as Fed Rate Hike Bets Ease

The FTSE MIB Index Closes 0.75% Higher

The DAX Index Closes 0.78% Higher

The CAC 40 Index Closes 0.48% Higher