Brazilian Real Gains on Optimism About New Economic Team

The Brazilian real gained today on hopes that the new economic team appointed by President Dilma Rousseff will succeed in revitalizing economic growth in the South American country.

Finance Minister Joaquim Levy, a member of the team, said that he may increase tax revenue to help in rebalancing the budget. The market show great confidence in the new team, improving the outlook for Brazil’s economy and bolstering the nation’s currency. Previously, the real was falling on concerns that the government will not be able to overcome obstacles to economic growth.

USD/BRL went down from 2.6982 to 2.6898 as of 15:44 GMT today.

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