Brazil’s Real Leads Global Currency Losses as Argentina Defaults

Brazil’s real led losses among global currencies as Argentina, the nation’s third-biggest trading partner, missed a payment on its bonds.

The real declined 0.8 percent to 2.2636 per U.S. dollar in Sao Paulo, the biggest drop among 16 major currencies tracked by Bloomberg. It extended this month’s slide to 2.2 percent, the biggest since November. Swap rates, a gauge of expectations for interest-rate moves, rose four basis points, or 0.04 percentage point, to 11.47 percent on the contract maturing in January 2017. They are down seven basis points in July.