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BRL Leads Latam FX Gaining 1.5%, Sends USDBRL Through Support

BRAZIL
  • BRL: Strong move for the Real, currently 1.5% stronger on the session and USDBRL recently breaking through touted moving average supports and now seen back below 5.50.
  • The break below suggests scope for a deeper short-term pullback, initially opening 5.3885, the Nov 11 low.
  • Clear outperformer in the region, however, COP (+0.8%) and CLP (+0.65%) benefitting from the strength in commodity indices as well as the slightly softer dollar.

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