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Real Opens On Front Foot, USDBRL Approaches 4.69

BRAZIL
  • A stronger open for the Brazilian Real amid the softer greenback has narrowed the gap with 4.6910 in USDBRL, the May 30 2022 low. Below here, the next target for the pair is 4.5836, the 2022 lows.
  • Earlier loans data showed that June bank lending rose by 0.1% M/m to BRL 5.402T.
    • Personal loan default rate unchanged at 6.3%
    • Business loan default rate rises to 3.1% vs 3.0% in previous month (BBG)

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