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Market Update: Brazilian Real Close to 1-Year High
The Brazilian real held at 5.0 per USD in the fourth week of June, close to a one-year high hit in the previous week, as traders continued to monitor the central banks increasingly hawkish stance amid signs of overheating inflation. Policymakers raised the Selic, Brazils key interest rate, by 75 basis points, and said the central bank would cut back on monetary stimulus and hike borrowing costs to a level thats neither stimulative nor restrictive to the economy. Traders expect the bank to raise the interest rate another 75 basis points at its next monetary policy meeting in August. [/s2If]
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