Brazilian Real begins week under pressure – R$4.10 for USD

The US dollar closed at R$4.10. The market is trying to verify if the Brazilian Central Bank will really intervene by selling international reserves. Furthermore, fears that another rating agency might downgrade the sovereign credit standing returned along with the lack of credibility that congress will pass the fiscal package necessary to shore up the economy even after the major reshuffle of the cabinet members. It’s a never ending soup opera that keeps repeating the same story.