The real always falls against the dollar when measures to tax or control dollar flows into Brazil are expected.

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But his logic suggests that the Fed should continue using interest rates as its operating lever to control the dollar, says Paul Hoffmeister, an economist at independent research firm Bretton Woods Research.

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If an investor were to give us a dollar to invest, the positions that he would control would be possibly in excess of the dollar that he gave us, even though that 75 cents is part in investment grade securities.

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