Commodities Push Brazil’s Real to One-Year High

Optimism returned to markets today affecting negatively currencies like the yen and the dollar at the same time that emergent market currencies, like the Brazilian real, witnessed a rally today, as commodities climbed worldwide.

The Brazilian currency managed to touch the highest rate in a year as a renewed demand for commodities increased the price of Brazil’s main exports, consequently providing support for the real to grow together with other emergent market currencies versus lower-yielding majors in foreign-exchange markets.

USD/BRL traded at 1.7805 as of 21:25 GMT from an opening price of 1.7945.