Brazil Real Falls in Longest Losing Streak in 5 Weeks on Global Slowdown
Brazil’s real fell for a fourth day, the longest losing streak in five weeks, as a slowdown in the global economic expansion eroded demand for emerging-market assets.
The currency weakened 0.5 percent to 1.7785 per U.S. dollar at 9:07 a.m. New York time, from 1.77 yesterday.
Sales of existing U.S. homes probably tumbled in July to the lowest level since March 2009, according to a Bloomberg survey. The UBS Bloomberg CMCI commodities Index dropped 1.69 percent to 1073.501.
“The macro data has been gathering negative momentum since May, and this is just driving away appetite for risky assets in general,” said Rogerio Oliveira, a currency strategist at Morgan Stanley in New York.
In the overnight interest-rate futures market, the yield on contracts due in January was unchanged at 10.68 percent.
-- With assistance from Stephen Kirkland in London and Alex Cuadros in Sao Paulo. Editor: Glenn J. Kalinoski