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USDBRL Extends Gains At Open, Congress Remains in Recess

BRAZIL
  • Local assets are tracking the cautious tone in global markets ahead of the US data schedule. While USDBRL has opened with a moderate upward bias, it is worth noting that commodity prices are mixed, with crude futures dropping and iron ore advancing. The pair continues to trade within the most recent range with the overall trend direction remaining down. Brazil’s congress remains in recess, reducing the risk of local political headlines sparking volatility.

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