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USDBRL Eases Back Into Range, Markets Await NFP

  • USDBRL eased off its best levels on Tuesday, slowly eating into the sharp advance to start the week, closing around 4.93. One-month implied volatility at 12.25% is near the lowest level seen in almost four years which may contain ranges ahead of Friday’s US employment report.
  • Central bank President Roberto Campos Neto said Tuesday that the bank has only seen marginal changes in the country’s economic scenario since the last monetary policy meeting Nov. 1, and sees the current easing pace of 50bps as appropriate for coming meetings with inflation converging as expected. Campos Neto also stated it is hard for the government to cut expenses but a signal on fiscal side is needed.

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