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BRL on the frontfoot once again in...>

BRAZILIAN REAL
BRAZILIAN REAL: BRL on the frontfoot once again in early trade, pressuring
USD/BRL to new recovery lows following the sharp weakness across March and
April. LatAm FX more broadly continues to benefit, with MXN and CLP higher also.
- USD/BRL eyes immediate support at 5.0501, the April low ahead of 4.9896, the
50% retracement of the YTD range.
- Industrial production figures released earlier this morning have lent some
support, with April figures faring better-than-expected (albeit still in
negative territory).

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