Export-driven Brazil and the ETFs are sensitive to moves in commodities markets.
“Dents to Brazil’s economic outlook will hurt equities and spur further rate cuts, which in turn will hurt the real and wallop equities again,” Morningstar notes in an analyst report on EWZ.
EWZ is currently trading 11.6% below its 200-day moving average, while Market Vectors Brazil Small-Cap ETF (NYSEArca: BRF) is 12.2% under the indicator.
BZF, the currency ETF, is 13.3% below the 200-day average.
iShares MSCI Brazil Index Fund
WisdomTree Dreyfus Brazilian Real
