It’s evident that the Brazilian real’s value continues to plummet against the eurozone’s single currency. The EUR/ BRL
trading pair has been very bullish
in recent days, climbing to record heights. Unfortunately for the Brazilian real, it’s not expected to recover yet although today, prices are seen steady due to the slight weakness faced by the euro
. Looking at it, the Brazilian real’s appeal won’t work on investors as the number of coronavirus cases in the country continues to climb drastically. Just recently, the country’s health ministry reported more than 23,000 new confirmed coronavirus cases in the country on Sunday. The Latin American powerhouse now has more than 3.6 million confirmed cases since the pandemic began and the death toll is now over 114,000 according to official reports. Based on those figures, Brazil has the world’s second-worst coronavirus outbreak after the United States and the number is sadly closing in.