USD/BRL set to trade in a 4.70-5.00 range in the month ahead – SocGen USDBRL Brazil InterestRate Banks
Economists at Société Généralestay positive on the BRL and see the local swap curve bull-steepening.We maintain our call to go long the BRL on any weakness. The easing risk premium, still-high carry and low volatility, coupled with small external imbalances and efforts to reduce fiscal risks, should support the currency. The undemanding valuations, light positioning, and high terms of trade should also help.
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