The Brazilian real gained today on the outlook for monetary policy and hopes that the newly reelected President will form a government able to address financial issues of the country.
Investors hope that Dilma Rousseff will create a team capable to initiate reforms that will revitalize the struggling Brazilian economy, and such hopes brought the real up. Previously, the currency fell after Rousseff was reelected as such outcome of the presidential vote was not particularly well-received by market participants. The Central Bank of Brazil will make a policy announcement today, and the vast majority of analysts do not expect any change to monetary policy.
USD/BRL fell from 2.4718 to 2.4330 as of 14:59 GMT today, reaching the daily low of 2.4255.
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