The Real closes a tumultuous week below R$4.00 to the dollar.

The Brazilian currency closed the most volatile week more stable at R$3.97 to the US dollar after the monetary authorities intervened heavily to stop the speculation.

Was it a speculative attack on the currency or major lack of confidence? With reserves of U$370 billion you might rule out an speculative attack. Lack of confidence of the Dilma administration is a given since she won the re election last November.

Let’s see what will happen next week and the closing of the third quarter…