| In the so-called “war” to keep its currency at weaker levels, Brazil easily has won the first round on the strength of its endless salvos from raising taxes to daily market interventions.
Market consensus now puts the Brazilian central bank’s new defensive line for the dollar against the Brazilian real at BRL1.80, up from the BRL1.70 level of last month. The cost of such policy meddling can be seen in the slowdown in capital flows to the country, especially from portfolio investors...............................................Full Article: Source
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