Keeping it real
CURRENCY FOCUS
Marios Maratheftis, FX strategist at Standard Chartered Bank in London, says the BRL's strong performance in 2005 reflects the continued improvement in Brazil's fundamentals. "The current account is strongly in surplus. The government has implemented reforms and inflation expectations are in line with the 2006 targets. Local yields are very attractive, with the policy rate at 18.0%."
Lewis Emmons, emerging markets analyst – Latin America (Latam) at Informa Global Markets in London, agrees. "The
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