Brazilian Real Retains Weakness During Election Week

The Brazilian real fell today due to uncertainty about the outcome of the presidential elections that are scheduled to October 26. Current polls show that the incumbent President Dilma Rousseff has more voters, and this is not welcomed by investors.
According to the latest surveys, Rousseff has 46 percent of votes and her opponent Aecio Neves has 43 percent. Most traders are not happy with prospects for victory of the current President as the country’s economy was not faring particularly well under her leadership. As result, the real continued to decline, while concerns about global growth made Forex market participants even more reluctant to buy the currency.
USD/BRL was up from 2.4555 to 2.4688 as of 14:43 GMT, rising as high as intraday.

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