Just wait till the interest rate cuts begin to filter through the system...Brazil will resume its previous growth path. The largest economy in Latin America (and 6th largest in the world, which should pass dismal France soon) will not be held down for long.
And under $54 today. Just taking into consideration this year's trading, the Bovespa Index has really underperformed its emerging market peers. We need to see the tide turn and economic optimism for Brazil's future return.
I agree, with only one qualification, and that is if China does not continue its growth it could have negative impact on ewz. Having said that if China continues to grow even at a reduced rate this should start to climb.