bovespa

Currency Manipulation, Shorter ‘Dollar’ Shorts, and Brazilian Toast

By |2018-07-23T16:47:59-04:00July 23rd, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

The reasons why the IMF stepped in to rescue Argentina were perfectly clear back on June 8. The peso was in freefall and though the Argentine government had spent two years fortifying the country’s reserve position, by borrowing heavily in the Eurobond market, that was merely orthodox thinking. Reserves are widely believed to be something like insurance. Insurance against what? [...]

The Brazilian Side of Symmetry

By |2018-02-05T17:41:45-05:00February 5th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Brazilian stocks closed out January on an impressive run. Like stock markets all over the rest of the emerging market economies, Brazil’s has been on fire. The Sao Paolo Bovespa stock index had stumbled a bit in the middle of December, coinciding with a drop in the real against the dollar in that fit of global illiquidity, but between December [...]

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