Brazilian Real Gains on US Dollar Despite Deteriorating Industrial Production

The Brazilian real managed to gain on the US dollar today. That is despite the fact that Brazil’s industrial production continued to decline last month.
Brazil’s industrial output fell 0.3% in July from June. It was the third consecutive monthly decline. The result was a total surprise to economists as they were expecting an increase of 0.5%.
USD/BRL dropped 0.48% to 4.1674 as of 16:24 GMT today.

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