Brazil’s currency

Brazil’s Real – one of the world’s best performing currencies this year – will be a focus of attention when financial markets open on Monday. The currency fell by about 3 per cent on Friday after the country’s finance minister Antonio Palocci was targeted by fresh bribery allegations. Mr Palocci has already denied the claims that are linked to his time as mayor of Ribeirão Preto during the 1990s. So far, markets have been resilient during the scandal which is now in its fourth month and it is likely that the Real will bounce back this week as it has done after two previous dips over the past six weeks.