The Brazilian real failed to gain against the US dollar today even after the release of helpful retail sales data. The strength of the greenback and the report from the International Monetary Fund were the reasons for the currency’s underperformance.
Brazilian retail sales rose unexpectedly in February. Yet this provided the real little help against the dollar as the greenback was strong even against the major currencies, let alone risky ones. Not helping the matter was the IMF world growth outlook that predicted slowing growth in emerging and developing economies.
USD/BRL rose from 14.4630 to 3.5303 as of 15:23 GMT today, touching 3.5632 intraday.
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