The Brazilian real hits all time low as it's the worst emerging market currency this year

Author: Adam Button | Category: News

Hard times in Brazil

The market seems to love the idea of opening up while hating the idea of not closing at all.

USD/BRL hit a record today at 5.50. The Brazilian real is now down 26.7% on the year with hardly a bounce off the bottom.

Hard times in Brazil

What's even worse is that the Brazilian bovespa is one among the world's worst performing equity markets -- possibly the worst. In BRL terms it's down 31% and in USD terms it's down 49.3%.

The latest leg down in the currency comes on increasing bets of rate cuts and proposed amendments to the constitution to allow the central bank to buy government and corporate bonds.

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