Brazilian Real Hits New Multi-month High Against Greenback
August 03 2009 - 11:06AM
RTTF2
The Brazilian currency extended last week's uptrend against the
US dollar in New York deals on Monday. The real, which closed
Friday's New York session at 1.8655 against the greenback, soared
to a new multi-month high of 1.8290 by about 2:20 pm ET. Presently,
the pair is worth 1.8350.
The statistics agency IBGE said toady, Brazil's industrial
production for the month of June dropped 10.9 percent from previous
11.3 percent.
The U.S. Commerce Department revealed that construction spending
rose 0.3 percent in June. This followed a revised 0.8 percent slide
in May. Private construction slipped 0.1 percent, though
residential construction spending was up 0.5 percent. The report
showed that public construction spending was up 1.0 percent.
The US Institute for Supply Management said in a report that its
index of activity in the manufacturing sector rose to 48.9 in July
from 44.8 in June, although a reading below 50 indicates a
contraction. Economists had been expecting a more modest increase
to a reading of 46.5.
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