The Weakening of the Real

BRAZIL ECONOMICS - Report 24 Jun 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Executive SummaryThe real has been depreciating. Two forces behind this movement come from the world economy. First, the United States has entered a sustained phase of growth greater than that of other industrialized countries, while emerging countries are experiencing deceleration. This is tending to raise the interest rate on Treasuries and strengthen the dollar, which together seem likely to prompt the Federal Reserve to taper back its asset buying program, with reflections on international liquidity. The second comes from China, which is entering a period of slower growth, causing a ten...

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