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Weekly Report - 30 June 2016 (WR-16-25)
BRAZIL: Real strengthens, inflation still troubling
The Brazilian currency, the real, closed at its highest level against the US dollar for 11 months on 29 June, closing at R$3.22 to the US dollar. Analysts believe the signals given by the new central bank governor, Ilan Goldfajn, that the bank does not intend to intervene in the forex market, nor that it intends to alter interest rates soon, were responsible for the strengthening of the Brazilian currency. Another possible reason for the real’s strong performance was the expectation that globally, central banks may adopt stimulus measures to cope with the fallout from the referendum vote in the United Kingdom (UK) to leave the European Union (EU).
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