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Relief Rally For Local Assets

BRAZIL

BRL leading the charge today (+1.24%) as noted resistance in USDBRL around the 100 day (5.4090) caps the rally. Overall, the USD is retracing after yesterday's surge, contributing to demand for EM FX. Relief for the DI curve as well with local swap rates down between 4 to 8 bps across the curve, trimming the considerable moves witnessed yesterday heading into the weekend.

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