Wall Street Can Barely Keep Up With the Selloff in the Brazilian Real
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The selloff in Brazil’s currency is getting so bad that strategists can’t keep up.
Even after cutting their forecasts by 20 percent this year, the most for any major currency, the estimates still trail the real’s current trading level. Banco Bilbao Vizcaya Argentaria analysts are revising their forecasts for the third time in less than six weeks after the real’s descent to a 12-year low Thursday. Nine banks including Credit Suisse Group AG and Societe Generale SA already cut projections this month after the swoon rendered earlier calls obsolete.