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Citi Flag Continued Interest In BRL Longs

BRL

Citi note that “USD/BRL's break below BRL5.00 Wednesday triggered more client demand Thursday in NY. Our voice sales team said that clients, who had taken profit above the BRL5.00 level, are having to come in and reload their long BRL positions at current levels ~BRL4.90-4.95. While familiar conditions remain in place (carry/valuation/positioning vs. local fundamentals), our traders prefer to trade on the long BRL side as long as spot holds below BRL5.00.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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