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Chart of the day is.....

....the "Anti Roubini" edition.

So Doctor Doom calls the Brazilian Real overvalued due to euphoria.
“There’s too much euphoria about Brazil,” Roubini said yesterday at an event in New York. “There’s probably too much capital inflow to the country. The strengthening of the currency is too strong on the basis of the long-term fundamentals.”

Two points for him to think about.

1) This is Latin America! We do euphoria! The whole of the financial system is based around best of times/worst of times and there is nothing in the middle. What you think it is round here fercryinoutloud, Switzerland?

2) Overvalued against what? If you're talking about that underperforming scrap of paper known as the US Dollar, the gains have been rapid this year.....
......but if you want to set your stall against something of actual value, and I can think of no better benchmark than gold, the Brazilian Real is UNCH on the year.