Brazil under pressure.....AGAIN

Brazil spot opened 4 big figures higher as the previously announced reversed swaps and the statments by President Lula regarding his finance minister hit the airwaves. President Lula said last night that the countries economic policies had more to do with the government and less to do with Palocci (Fin Min). This has fueled spectulation that a resignation is imminent. The rest of Latin America is having a similar effect with a weakening of the currency against the dollar occuring everywhere.