The Brazilian Real is failing to capitalize on a record-setting trade surplus, trading near R$5.071333 to the U.S. dollar, as structural caution from investors continues to drive significant capital out of the country's financial channel. Year-to-date through early July, the financial account, which tracks investments and profit remittances, recorded a net outflow of roughly US$17.6 billion. This capital flight stands in sharp contrast to the US$42.4 billion commercial surplus recorded for the first half of the year, a strong showing driven by agribusiness and commodity exports that ordinarily would provide a stronger appreciation boost to the currency.