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Temporary Reprieve For Local Assets

BRAZIL

A quick bout of Real strength as USDBRL moved from 5.68 to 5.65.

  • Move appeared to just be some lows from earlier in the session being taken out through 5.6650.
  • No headlines regarding any further intervention and as such, the move was almost immediately pared.
  • The US dollar continuing to weaken (BBDXY now down 0.26%) has provided some respite for BRL.
  • Additionally, a reprieve in local rates where the swap curve has reversed over 50% of its shift higher on the session, has tempered volatility.

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