The euro traded at the close at 5.61 Brazilian reals on average, representing an increase of 1.3% compared to 5.53 Brazilian reals on average in the previous day.
If we consider the data for the last seven days, the euro accumulates a rise of 1.63%, although, on the contrary, in year-on-year terms it still maintains a decrease of 13.2%. As for the variations of this day with respect to previous dates, it interrupted with the flat streak of market prices of the last two sessions. The volatility of the last seven days was clearly lower than that accumulated in the last year, which shows that in this last phase there is less variation than normal.
In the annual photo, the euro has reached a maximum of 6.45 Brazilian reais on average, while its lowest level has been 5.50 Brazilian reals on average. The euro is positioned closer to its low than its maximum.
Between crisis and uncertainty
The real, or the Brazilian real as it is known internationally, is the legal tender in Brazil and is the twentieth most traded currency in the world and the second most traded currency in Latin America only behind the Mexican peso.
Inforce since 1994, the real replaced the “cruzeiro real” and its abbreviation is BRL; it is also the fourth most traded currency in the American continent only behind the US dollar, Canadian dollar and Mexican peso.
One of the moments that most marked the Brazilian currency was when in 1998 the real suffered a strong speculative attack that caused its devaluation the following year, going from a value of 1.21 to 2 reais per dollar.
Today there are 1 and 5 cents copper coins, 10 and 25 cents bronze coins and 50 cents cupronickel coins. The coin of a real is bimetallic. It should be noted that in 2005 the pennies were discontinued, but it is still legal tender.
In the economic sector, the International Monetary Fund (IMF) cut Brazil's growth by 1.7 percentage points for 2022, especially due to the deterioration of global conditions between high inflation and the SARS-CoV-2 pandemic.
It should be noted that the Brazilian economy, the largest in the Latin American region, entered a recession in the second quarter of 2021 and is forecast to stop throughout 2022.
Due to COVID-19, Brazil was forced to disburse more money as stimulus measures (about 12% of GDP) in order to cope with the pandemic, which ultimately resulted in a budget deficit for 2022.
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