Economic forecasts boosted for Brazilian property owners
Brazilian property owners were boosted as the real reached its strongest level after experts improved their forecasts for economic growth.
The South American country’s currency gained 1.3 per cent to stand at 1.7216 real per US dollar.
This has made it the best performer against the dollar among the 16 major currencies tracked by Bloomberg, with an overall gain of 34 per cent so far this year.
Brazil’s real performance has been boosted by a central bank survey of financial markets which predicted a 2010 economic expansion of 4.8 per cent, while growth could be even more in 2011.
The country also continues to attract foreign investment with people buying Brazilian real estate due to its healthy interest rates and booming stock market.
A recent decision to award the country the 2016 Olympic Games has also sparked investment interest, while the South Americans are also set to host the football World Cup in 2014.
