RIO DE JANEIRO, BRAZIL - The Brazilian real recovered strongly in recent weeks, coming from around R$5.60 down to near R$5.00. Some banks, international consultancies and local brokers even see the U.S. currency under R$5 in 2021. But in order to remain at this rate, President Bolsonaro's government will need to progress with the fiscal adjustment - which analysts perceive as being difficult next year.
Banks like JPMorgan, Citibank, Commerzbank, Morgan Stanley and Bank of America, as well as consulting firms like Capital Economics and brokerage houses like Commcor and NGO, see the dollar remaining . . .