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USD/BRL opens north of 4.00 for......>

BRAZILIAN REAL
BRAZILIAN REAL: USD/BRL opens north of 4.00 for the first time since September
last year, with broader EMFX suffering from the off this morning. In Brazil
specifically, political fracas continues to dog sentiment as President Bolsonaro
and the Congress speaker Maia escalated their now very public dispute. This
continues to lessen the odds of critical pension reforms in the country and may
weigh further on Brazil's fiscal position. The Brazilian central bank released
their quarterly monetary policy report earlier today, downgrading GDP estimates
on both domestic and foreign factors including the Brumadinho mining disaster,
lower agricultural output and a challenging global environment.
-USD/BRL bulls now target 4.0655, the 76.4% Fib retracement for the 4.2146 -
3.5827 move.

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