NEW YORK (TheStreet) --Shares of Banco Bradesco (BBD) - Get Banco Bradesco S.A. Sponsored ADR Pfd Report are down by 1.88% to $7.06 in early afternoon trading on Thursday, as the dip in the Brazilian real negatively impacts some U.S. traded Brazil-based stocks.
Brazil's currency is moving lower as the government is seeking to ease its budget targets, which is contributing to a mood of risk aversion around the world as the possibility of higher U.S. interest rates reduces demand for assets, Bloomberg reports.
The real slipped by 0.3% to 3.6971 per dollar earlier this morning.
The country's finance minister, Nelson Barbosa, will ask Congress to reduce this year's financial target as Brazil struggles to get out from under its longest recession in a century.
"Emerging-market currencies are suffering with the Fed, with risks of an earlier hike, while commodities are down," Georgette Boele, an ABN Amro Group NV strategist told Bloomberg. "Brazilian fundamentals and domestic politics are also pushing the real lower after an amazing recovery in recent weeks."
Banco Bradesco is a Sao Paulo-based multiple service bank offering a variety of financial products and services.