HSBC Sees Stronger Year-End BRL

HSBC now expects the BRL to end the year at BRL2.23 per USD, assuming economic variables remain constant. In March, it expected it to end at BRL2.45 per USD. The shop says that the recent appreciation of the BRL makes it slightly overvalued compared to the USD. On July 21, BRL closed at BRL1.90 per USD.