The Recent Exchange Rate Trend

BRAZIL ECONOMICS - Report 13 Apr 2015 by Affonso Pastore, Cristina Pinotti and Marcelo Gazzano

During March the real reached R$ 3.30/US$, since when it has been appreciating, with a slight reduction in volatility. This movement is not unique to Brazil’s currency, indicating that part of the reason for the recent strengthening is external factors. But these elements have been accompanied by attenuation of some domestic risk factors. This does not mean a trend reversal, but it does warrant reflection on how the exchange rate will behave in the near future.

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