In this context, enormous financial losses of important companies of emerging economies were revealed in positions in the foreign exchange derivatives markets.2 They had assumed positions in high amounts in those markets, betting that the national currency would not depreciate against the dollar. That decision was apparently made in the first semester of 2008, a period in which the dollar suffered an intense depreciation in relation to a group of currencies, contributing for the strong increase in the commodities international prices, expressed in dollars. However, the deepening of the crisis generated strong decreases in the commodities prices and a new trend of international appreciation of the dollar. It was on that moment that the companies' losses, caused by the speculative bets, came to the surface.