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Alexandre Tombini

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  1. Davos
  2. Dilma Rousseff
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Brazilian Real Barely Moves And Closes Slightly Weaker

The Brazilian real was flat relative to the U.S. dollar Thursday afternoon, ending a day of very low volatility.The real exited active trading at BRL2.0251 to the dollar, only slightly weaker than the Wednesday close of BRL2.0239, according to Tullett Prebon via FactSet.The greenback has been supported by news that the Federal Reserve is likely to reduce its economic stimulus, said Joao Paulo Correa, a trading manager at brokerage Correparti.Another factor, he said, is that apparently an $11 billion bond issue by oil giant Petroleo Brasileiro SA (PBR, PETR3.BR), or Petrobras, this week is yet to have an impact. Mr. Correa expects Petrobras to convert its dollars to reais at a $1 billion-a-day rate.But there is no certainty about what Petrobras will do. Paulo Nepomuceno, a fixed-income strategist at brokerage Cunha Valores in Sao Paulo, says it isn't even clear how much of that cash the company will bring to Brazil and how much it will leave abroad. "Very few people know how it is going...

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