Brazilian Real Surges Up After Brazil's Jobless, Consumer Price Reports
September 24 2009 - 4:54AM
RTTF2
Thursday morning in New York, Brazil's currency surged higher
against the US dollar following the reports showed that the
Brazilian consumer prices rose at a softer pace through
mid-September and jobless rate barely budged in August. The real
thus advanced to its highest level in more than a year.
Brazil's statistical office IBGE announced that the national
index of consumer price large, IPCA - 15 rose 0.19% month-on-month
in September, slower than the 0.23% increase in the previous month.
Economists' were looking for an increase of 0.17%.
Year-on-year, consumer prices increased 4.27% in September,
slower than the 4.34% growth in August.
At the same time, Brazil's statistical office IBGE announced
that the jobless rate stood at 8.1% in August, up from 8% recorded
in the previous month. Economists expected the rate to be 8%. A
year ago, the jobless rate was 7.6%.
Extending its 3-day winning streak, the Brazilian real rose to
1.781 against the US dollar around 8:45 am ET. This set the highest
level for the domestic currency since September 12, 2008.
If the real rises further, resistance is likely to be seen
around the 1.754 level. The dollar-real pair ended Wednesday's
trading higher at 1.799.
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