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Another drop in the BRL at the.......>

BRAZILIAN REAL
BRAZILIAN REAL: Another drop in the BRL at the open sees USD/BRL hit fresh cycle
highs.
- As was the case yesterday, worth watching out for the BCB's swaps offerings -
they've pre-announced they're to offer 40,000 contracts today as opposed to
yesterday's 3x20,000 slots.
- Unclear whether they could top up these offerings today if the market
continues to pressure BRL. Results to be announced in 10 minutes or so.

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