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21 Dec 2015
USD/BRL rises above 4.00, to 2-month highs
FXStreet (Córdoba) - The Brazilian real is among the worst performers in the currency market as it remains weak. On Friday it started to drop and continued today affected after Dilma Rousseff named a new Finance Minister. Nelson Barbosa replaced Joaquim Levy. Investors saw the changes as a step back in the challenge to achieve fiscal consolidation.
Before the replacement, another rating agency, Fitch lowered Brazil credit rating below the investment grade. The move was expected and during 2016, Moody’s is likely to do the same. Brazil also faces an economic recession and a complex political environment.
USD/BRL broke above 4.00 today and peaked at 4.035 hitting the strongest level since October 2. Currently it trades at 4.019, about to post the highest close in more than two months.
So far, the US dollar in Brazil has risen 3.75% from the level it had a week ago and during 2015 the impressive number of 51%.
Before the replacement, another rating agency, Fitch lowered Brazil credit rating below the investment grade. The move was expected and during 2016, Moody’s is likely to do the same. Brazil also faces an economic recession and a complex political environment.
USD/BRL broke above 4.00 today and peaked at 4.035 hitting the strongest level since October 2. Currently it trades at 4.019, about to post the highest close in more than two months.
So far, the US dollar in Brazil has risen 3.75% from the level it had a week ago and during 2015 the impressive number of 51%.