Bono Del Sur: Little Help For Parallel Rate

November 2006 | Market Strategy

Venezuela's parallel rate (as measured by the 'CANTV dollar') depreciated further yesterday and fell to VEB3028.85/US$, breaking through the VEB3000.00/US$ mark for the first time since May 2004. From a technical perspective, the latest depreciation was a significant breach of key support at VEB2,950.00/US$, which could set up further losses over the coming months. In our view, the weakness of the parallel rate is an indication that the

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