Why Banco Bradesco (BBD) Stock is Declining Today

Banco Bradesco (BBD) stock is down as the Brazilian real declines today.
By Amanda Schiavo ,

NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are down by 2.15% to $5.68 on Thursday morning, as some U.S. traded Brazil-based stocks slump due to the retreat in the Brazilian real.

Banco Bradesco is a Sao Paulo-based commercial bank offering a range of banking and financial products and services in Brazil.

The real was lower by 0.8% to 3.8181 per dollar this afternoon in Sao Paulo.

The real is dropping on expectations that U.S. Federal Reserve officials will give speeches today signaling an increase in interest rates for December, making higher yielding currencies less attractive to investors, Bloomberg reports.

"Today's speeches might increase expectations that interest rates in the U.S. could rise this year," Guilherme Esquelbek, a currency trader at Correparti Corretora de Cambio told Bloomberg.

A signal of higher interest rates coming to the U.S. next month would counter balance "the victory for the government in approving the repatriation bill, which could give some support for the currency," Esquelbek continued.

BBD

data by

YCharts

Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

Loading ...