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- Solid demand for BRL options so far Thursday, as spot USD/BRL drops over 1% post-BCB decision.
- Markets perhaps unsurprisingly opting for downside protection in USD/BRL, with around $3 in puts trading for every $1 in calls so far.
- Put strikes at 5.20, 5.40 and 5.60 have garnered the most interest, with many of the trades consistent with put spread strategies eyeing an end-May expiry (thereby rolling off ahead of next BCB).
- Meanwhile, the medium-term downtrend in vols persists, with the 1m contract bottoming out at new multi-month lows of 16.4 points in recent trade. Similar moves seen in 3m contract, which captures the next SELIC rate decision on June 16th at which the Bank are seen raising rates further from 3.50%.