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Market Update: Brazilian Real at Over 1-Week Low
The Brazilian real depreciated more than 1% to 5.13 per USD on Friday, its lowest level since June 2nd, as the dollar recovered some ground and after latest data showed Brazil’s services sector rebounded in April, though it failed to recover all the ground lost in March and activity remained below pre-pandemic levels. Meanwhile, losses were capped by expectations that the Brazilian central bank will raise interest rates by another 75 bps next week and possibly hint at a more aggressive cycle ahead amid a persistent acceleration in consumer prices. Brazils annual inflation rate climbed to a near five-year high of 8.06% in May of 2021, topping market estimates and well above even the 5.25% upper limit of the central bank’s target range. [/s2If]
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