Dear Robh,
Below is the Chicago Mercantile exchange site for Real future & options, but I’m confident these operations can be done in Europe as well, though Real isn’t so popular yet, but with the investment grade should increase the demand for these operations (Michael point):
CME Brazilian Real Futures & Options
It can be done as well at Bolsa de Mercadorias & Futuros:
BM&F - Bolsa de Mercadorias & Futuros
I’m a small investor (just my personal savings), so I never did it. What I do is diversify my investment portfolio. I’ve some stocks and bonds (balanced) + one apartment in the South. So, what I will do when I sell my apt., is to buy another property, in this case in the NE, not sure if for investment or Summer, but I’ll keep the diversification. I don’t buy property to make money (clearly I don’t understand it to do the buy & sell thing), but just as a safe port. I feel comfortable having my own “real” (or would say “concrete” ) asset. Actually, if I have to choose just one asset, that would be the one.
Back to Real: Investment grade brings lots of long term investments, but the speculative $$ (or “hot money”) is about to leave because they were anticipating the news. Additionally, the government may increase the IOF on short-term capital. Trade balance may become slightly negative after years of fantastic surplus, due the real appreciation. But there are so many political factors out there that we (I) cannot really anticipate. That’s why I diversify.
But yes, if you sell properties in one currency, your company may just do the other way around by buying (selling) the other currency in the future (hedging). You may even offer this option to your international clients while facing "local" prices variation. But I’ve no experience on that.
I hope it helps.