Brazilian Real Declines After Appreciation

The Brazilian real strengthened, before retreating again, today as China stated that the report about its decision to abandon the European investments was “groundless”, easing the concerns on the global markets.
The volatility of the real is explained only by the external influence, as the domestic environment remained relatively stable. The waning concerns about the European troubles helped the currencies of the emerging markets.
EUR/BRL traded at about 2.2476 as of 08:30 GMT today after opening at 2.2422. USD/BRL remained at its opening level of 1.8150.

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