The Brazilian currency touched the weakest level in August today on global economic concerns but rebounded after stocks and commodities climbed worldwide, spurring demand for emergent markets assets.
After several days of bearish market on Chinese limitations towards steel and cement production, today equities markets worldwide rebounded, causing a domino effect that provide support for commodities to climb, influencing emergent market currencies like the Brazilian real up, which rebounded after touching the lowest rate in August today.
USD/BRL traded at 1.8620 as of 22:31 GMT after hitting 1.8885 hours earlier.
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