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Within first hour of trade,........>

EMERGING MARKETS
EMERGING MARKETS: Within first hour of trade, USD/BRL climbs to fresh YTD highs,
now nearing the early 2016 highs up at Brl 4.1721. Latest domestic opinion
polling continues to make the prospect of the Workers' Party making it into the
runoff (as per Bloomberg), hurting Brazilian assets across the board and
prompting BRL to underperform its EM peers. RUB the other poor performer today,
with USD/RUB just 0.9% shy of YTD highs.

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