South American Experts
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South American Experts
Information on travel to South America, especially to Rio de Janeiro.
The Current State of Brazil's Real: Strong and on the Rise
Taken from
Bloomberg News Brazil's Real Rises to Strongest Level in a Year on Commodities by Fabio Alves
According to Bloomberg News, Brazil's real rose to the strongest level in a year as a rally in oil, copper and other commodities prompted investors to buy higher-yielding assets. Commodities, such as gold, silver and oil, account for two-thirds of Brazil's exports.
The real advanced 1 percent to 1.7670 per U.S. dollar from 1.7882 yesterday. Earlier it touched 1.7638, the highest level since September 9th, 2008. Today's rise brings the real's gain in the quarter to 10 percent, after a 19 percent increase in the second quarter, the most since the currency was introduced in 1994.
The real has gained 31 percent this year, making it the best performer against the dollar among 26 emerging-market currencies tracked by Bloomberg, as a faster pace of recovery in Latin America's largest economy helped lure foreign investments and boost export revenues.
The central bank reported Brazil posted a net currency inflow of $2 billion in the week ended September 25th, bringing total inflows in September to $1 billion. The central bank's intervention in the foreign exchange market totaled $3 billion in the month through September 23rd, BNP Paribas strategists forecast in a note to clients today.
The central bank, led by President Henrique Meirelles, kept the benchmark rate unchanged at 8.75 percent at its policy meeting on September 2nd, after lowering it five straight times this year from a high of 13.75 percent in a bid to lift the country from its first recession since 2003.
Brazil's gross domestic product expanded more than analysts predict in the second quarter, indicating the economy is recovering from the global recession faster than other developing countries.
GDP expanded 1.9 percent in the April-to-June period from the prior three months, the first expansion since the third quarter of 2008 and more than the 1.7 percent median estimate in a Bloomberg survey of analysts. Consumer confidence rose 4.7 percent in the third quarter to 115.4, according to the National Industry Confederation.
Bloomberg News Brazil's Real Rises to Strongest Level in a Year on Commodities by Fabio Alves
According to Bloomberg News, Brazil's real rose to the strongest level in a year as a rally in oil, copper and other commodities prompted investors to buy higher-yielding assets. Commodities, such as gold, silver and oil, account for two-thirds of Brazil's exports.
The real advanced 1 percent to 1.7670 per U.S. dollar from 1.7882 yesterday. Earlier it touched 1.7638, the highest level since September 9th, 2008. Today's rise brings the real's gain in the quarter to 10 percent, after a 19 percent increase in the second quarter, the most since the currency was introduced in 1994.
The real has gained 31 percent this year, making it the best performer against the dollar among 26 emerging-market currencies tracked by Bloomberg, as a faster pace of recovery in Latin America's largest economy helped lure foreign investments and boost export revenues.
The central bank reported Brazil posted a net currency inflow of $2 billion in the week ended September 25th, bringing total inflows in September to $1 billion. The central bank's intervention in the foreign exchange market totaled $3 billion in the month through September 23rd, BNP Paribas strategists forecast in a note to clients today.
The central bank, led by President Henrique Meirelles, kept the benchmark rate unchanged at 8.75 percent at its policy meeting on September 2nd, after lowering it five straight times this year from a high of 13.75 percent in a bid to lift the country from its first recession since 2003.
Brazil's gross domestic product expanded more than analysts predict in the second quarter, indicating the economy is recovering from the global recession faster than other developing countries.
GDP expanded 1.9 percent in the April-to-June period from the prior three months, the first expansion since the third quarter of 2008 and more than the 1.7 percent median estimate in a Bloomberg survey of analysts. Consumer confidence rose 4.7 percent in the third quarter to 115.4, according to the National Industry Confederation.
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