Commodities - The Coming Bull Market Message Board

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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: John Pitera who wrote (100)	6/5/2001 12:38:43 PM
From: craig crawford	Read Replies (2) of 1643

Tuesday June 5, 10:44 am Eastern Time Brazil real slips to new lows on power jitters SAO PAULO, June 5 (Reuters) - Brazil's real currency (BRBY - news) slipped to new record intraday lows in early trade on Tuesday amid lingering worries over the impact of power rationing on the economy, traders said. The embattled currency fell as low as 2.393 per U.S. dollar before recovering a bit to 2.388, but it was still below Monday's close of 2.382. ``There are concerns about the consequences of electricity rationing,'' said one forex trader, adding that traders were hoping for some sort of Central Bank intervention, be it direct dollar sales to the market or dollar-linked debt. The real closed only a tad firmer on Monday despite Argentina's much-hailed $29.48 billion bond swap. The cheer for the better-than-expected bond swap was undercut by continuing anxiety about rationing. The real, introduced in 1994, has lost more than 20 percent of its value since the start of the year, sinking to record lows. The government hopes to cut electricity consumption by about 20 percent over the next six months via its rationing plan in order to avoid power blackouts. Economists expect the power rationing to slow Brazil's once-surging economy, slash foreign investment and hike inflation.

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