Investors are too downbeat on the outlook for an overhaul to Brazil’s pension system and the currency will rally by year-end, according to one of the real’s most accurate forecasters. The real will strengthen back to 3.6 per dollar by the end of December after passage of the pension bill -- seen as key to shoring up Brazil’s finances -- and as the dollar weakens, said Commerzbank AG’s You-Na Park. She was among the top analysts for the real in the second, third and fourth quarters of last year, according to Bloomberg rankings.