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Market Update: Brazilian Real Firms to Over 1-Week High
The Brazilian real appreciated almost 1% to touch 5.26 per USD on Thursday, its highest level since May 19th, amid a subdued dollar and signs of progress in delayed tax reform. Brazil’s Economy Minister Paulo Guedes said on Thursday that he wants tax reform to be passed in four or five months, following constructive discussions with Congressional leaders. Guedes said the corporate tax will fall 5% under the government’s proposals, and that the tax reform package will be simple and broad-based. Meanwhile, Brazil’s unemployment rate hit a historic high of 14.7% in the quarter to March, amid a worsening pandemic crisis. [/s2If]
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