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BRL Likely To Continue Uptrend Following Further Frontloaded Tightening

BRAZIL
  • The Real had a very positive close, firming 1.6% versus the dollar. USDBRL will likely open lower once again after confirmation of a high probability of more front loaded policy normalisation from the COPOM. The pair also hovers just above 5.3406, 61.8% of the Dec - Mar rally. A clear break would open up a potential move to 5.2145, the 76.4% level.
  • Treasury auctions fixed-rate LTN local notes due 2022, 2023 and 2024; fixed-rate NTN-F local notes due 2027 and 2031; and Selic-linked LFT notes due 2022 and 2027.

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