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JPMorgan Remain Long BRL/COP On Valuations & Macro Fundamentals

BRAZIL
  • JPM also hold a long BRL/COP outright trade on the back of valuations and macro fundamentals (entry level: 927, target: 1025, review point: 880, last: 923).
  • Brazil’s healthier external accounts, more appealing real rates and favorable inflation outlook are behind their view.
  • Foreign positioning in BRL is around the lows of the past two years as well, according to BM&F data, whereas COP positioning is more neutral.
  • Finally, JPM think agricultural commodities are bound to benefit more from the China reopening story than oil.

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