Brazilian Currency Climbs After G-7 Meeting

After speculations set the real down last week versus the greenback before the G-7 meeting, now the outcome of world wealthiest nations discussions provided support for higher yielding currencies to grow, favoring the real in foreign-exchange markets. The Brazilian real touched a one-year high versus the U.S. dollar and gained versus most of the 16 main traded currencies after a G-7 meeting where central bankers downgraded the importance of a strong greenback to provide support for the world economy recovery, creating a favorable scenario for higher-yielding currencies in emergent markets which grew versus the greenback today. USD/BRL traded at 1.7815 as of 21:23 after touching 1.7700 hours earlier, the highest rate in 2009.

source:forex.pk