The overall background is positive for Brazil, foreign investors are going in, and investors have a very strong, positive view on the country. There's reason to feel very positive about the real.
Foreigners are coming in and buying Latin American stocks, especially Brazilian. The country is still attracting a lot funds.
The current-account surplus showed they've still got money coming into the country and the currency is undervalued. The current-account surplus certainly isn't under any threat.
The commodity price boom is something that's very supportive for Brazil. The real is likely to appreciate.