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USDBRL Lower Following Minutes - Warrants Caution

BRAZIL

Equities recovering prompting some LatAm FX strength. USDBRL opens markedly lower (down 1.10%).


It is worth remembering the price action following the removal of the forward guidance. An initially positive reaction in the currency due to a hawkishly perceived Copom was aggressively faded as the swaps curve shifted higher reflecting the risks the economy faces.

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