Dollar up for fourth consecutive day, hits 12-year high again
Ever since the economic staff announced that the primary surplus target was to be reduced to 0.15% of the GDP, last week, the dollar has showed an upward trend. 
Amid tensions facing the Chinese economy and the lack of confidence in Brazil's fiscal targets, the exchange rate for the dollar once again closed out the day at a 12-year high on Monday (Jul 27), at R$ 3.364, up 0.51%. The rate is at its highest since March 27, 2003, when the US currency was registered at R$ 3.386.
Early in the day, the dollar reached as high as R$ 3.377, but the slowdown seen in the subsequent hours was not enough to bring it to a value below what had been reported Friday (24). The currency experienced an 8.2% hike in July alone. In the year-to-date analysis, the rate is up 26.5%.
Ever since the economic staff announced that the primary surplus target was to be reduced to 0.15% of the GDP, last week, the dollar has showed an upward trend. Economists heard by Agência Brasil argue that the fact that Brazil may have its investment grade lowered by risk rating agencies has taken its toll on the exchange rate.
External factors have also exerted an influence on Brazil's exchange. On Monday, The Shanghai Stock Exchange dropped 8.48%, the most drastic plunge for a day since 2007, on account of economic indicators made public. In the first semester of 2015, the growth of the country's GDP fell to 7%. The economic slowdown in China may cause an impact on Brazilian exports, since China is the main purchaser of Brazil's commodities.
Data from Agência Lusa was added to this story.
Translated by Fabrício Ferreira
Fonte: Dollar up for fourth consecutive day, hits 12-year high again
