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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	1/19/2010 7:16:30 AM
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Brazil's Real Opens Weaker Amid Global Economic Gloom SAO PAULO (Dow Jones)--The Brazilian real opened weaker against the U.S. dollar Tuesday amid gloom over the prospects of a global recovery. Meanwhile, the imminent presence of the Brazilian treasury buying dollars also had an impact on the exchange rate. The real opened at BRL1.7750 to the dollar in trading on the BM&FBovespa exchange, weaker from Monday's close at BRL1.7680. A combination of falling consumer confidence in Japan, fear that China will raise interest rates and concern that a rash of U.S. bank results this week will prove disappointing are all taking their toll on investor confidence. The prospect that the treasury will join the central bank in buying dollars, through a sovereign wealth fund, on the spot market is also influencing the exchange rate. Meanwhile, the central bank survey of economists forecasts that the current account deficit will widen to $45.5 billion in 2010 and $55 billion in 2011, from $20 billion in 2009. This growing weakness is also weighing on investor sentiment. -By Alastair Stewart; Dow Jones Newswires; 5511 2847-4520; alastair.stewart@dowjones.com

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