Industrial production expanded for a fifth consecutive month in Brazil while exports contracted less than expected, allowing the real to trim losses against the US currency this week.

Analysts from Bank of America have reported that the steel industry has reached a bottom in Brazil and is showing signs of recovery at present. The Brazilian trade surplus has also climbed 23% in May, with exports up 21%.

This year the Brazilian real has climbed 13% against the US dollar, second only to the South African Rand in terms of the best performing currencies tracked by Bloomberg. The real is currently trading at 1.95 against the US dollar.

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