RIO DE JANEIRO, BRAZIL - The Brazilian real's rally is gaining momentum as rising prices for Brazilian commodity exports and one of the world's highest interest rates fuel a lucrative carry trade.
High interest rates and the best performance of commodity prices in 30 years have given the Brazilian currency a strong start to the year.
The carry trade - a deal in which investors borrow dollars and buy local bonds in countries that pay higher interest rates - has yielded 24% since late December, the highest in the world and more than double the yield of the second-ranked country . . .
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