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BRL Under Significant Pressure, Down 2.26%

LATAM FX
  • USDBRL continuing the ascent in recent trade, breaching initial resistance at 5.2703 Aug 25 high, up over 2% on the session.-The President's ongoing assault on the Supreme Court exacerbating the BRL weakness.-Additionally, rhetoric continues to cast doubt over the integrity of next year's election, extending renewed short-term pressures on the Real.
  • USDCLP not far off the pace, rising 1.25%. The latest poll from Data Influye shows Gabriel Boric obtaining 26.5% support. Despite this result being 3pp less than the previous poll, Boric's lead still underpinning heightened political uncertainty and USDCLP amid stronger dollar indices.
  • The Mexican peso has turned around but remains relatively resilient, broadly unchanged for the day around 19.95.

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