Brazil’s real rose after the government said it is ready to face any crisis while the central bank stepped up support for the currency following a rout that sent it to a record low last week. The real advanced 2 percent to 4.0283 per dollar at 3:50 p.m. in Sao Paulo after earlier falling as much... Continue Reading →
Brazil Currency Volatility Climbs as Central Bank Adds Support
Brazil’s real swung between gains and losses, with a measure of volatility surging to the highest in four years, as the central bank stepped up support for the currency following a rout that sent it to a record low last week. The real fell 0.3 percent to 4.121 per dollar at 10:36 a.m. in Sao Paulo... Continue Reading →
Petrobras – Third well confirms light oil potential in Carcará area at Santos Basin pre-salt
Petrobras - Third well confirms light oil potential in Carcará area at Santos Basin pre-salt 09/28/2015 Rio de Janeiro, September 28, 2015 – Petrobras informs that the drilling of the third well in Carcará area (Block BM-S-8), located at Santos Basin´s ultra-deep waters, confirmed the light oil potential in pre-salt’s reservoirs. The well 3-SPS-104DA (Petrobras... Continue Reading →
Brazil’s Petrobras says invited SBM Offshore for tender
Brazil's Petrobras says invited SBM Offshore for tender SAO PAULO, SEPT 28 Reuters Brazil's state-run oil firm Petroleo Brasileiro SA said on Monday it had invited Dutch oil platform leasing company SBM Offshore NV to participate in future tender contracts after contacting prosecutors and the country's CGU comptroller. SBM said earlier on Monday it had... Continue Reading →
Brazil’s Record Overseas Borrowing Comes Back to Bite Companies
Brazilian companies including state oil producer Petrobras are at risk from a weakening real after they issued a record amount of debt in foreign currency. The mismatch prompted PresidentDilma Rousseff to say over the weekend that she’s “extremely concerned” about the situation. Borrowing in overseas markets by non-finance companies reached a record $137 billion last... Continue Reading →
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... Continue Reading →
Fitch on Brazil: 2-notch rating downgrade not usual
Fitch on Brazil: 2-notch rating downgrade not usual SAO PAULO, SEPT 28\2015 Reuters A Fitch Ratings director on Monday practically ruled out the possibility of Brazil losing its investment grade during its next rating revision by saying the ratings agency "does not usually" give two-notch downgrades, barring exceptional cases. Rafael Guedes, Fitch's managing director for... Continue Reading →
Brazil Real Drops as China Manufacturing Slump Adds to Pessimism
The real depreciated 0.6 percent to 3.9999 per dollar at 9:24 a.m. in Sao Paulo. Swap rates on the contract maturing in January 2017, a gauge of expectations on interest-rate moves, rose 0.14 percentage point to 15.73 percent. Brazilian policy makers stepped up support for the real last week after the currency reached record lows.... Continue Reading →
Brazil Analysts Increase 2016 Inflation Outlook on Weaker Real
Brazil analysts raised their estimate for inflation next year for the eighth straight week on expectations of a weaker real in 2015. Inflation next year will reach 5.87 percent, up from the previous estimate of 5.7 percent, according to the Sept. 25 central bank survey of about 100 analysts. The analysts predicted that the benchmark... Continue Reading →
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... Continue Reading →
Brazil Energy Insight 