Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.030

-3.7%

Nov 7 9:30 AM EST

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To: Steve Fancy who wrote (22409)	7/18/2001 10:51:08 AM
From: Steve Fancy	of 22640

Brazil's Real Up Early On Improved Argentina Outlook Dow Jones Newswires July 18, 2001 SAO PAULO -- Brazil's real strengthened Wednesday morning against the dollar on Argentina's improved economic outlook. At 1300 GMT, the real was trading at a midrate of BRR2.470 to the dollar on a spread of BRR2.465 to BRR2.475. On Tuesday, the real rallied and ended at a midrate of BRR2.498 per dollar after an early central bank intervention and Argentine President Fernando de la Rua's clinching of political support for a deficit-cutting plan late Monday. Traders said the market widely expects the Brazilian central bank will hike its key Selic interest rate again to rein back inflation. An announcement is expected later Wednesday. Since March, the central bank has raised interest rates by 300 basis points to 18.25%. By 1330 GMT, the real had strengthened to BRR2.454 to the dollar. -By Anthony Dovkants and Adriana Brasileiro; (5521) 2580-9394, brazil@dowjones.com

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