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Market Update: Brazilian Real Strengthens
The Brazilian real appreciated nearly 1% to 5.1 per USD in the third week of June, even amid a firmer dollar, after latest data showed economic activity in Brazil rebounded in April, although less than market estimates. At the same time, the central bank’s weekly “Focus survey” showed forecasts for Brazilian growth, inflation and interest rates in 2021 hit new highs. Meanwhile, the Brazilian central bank is widely expected to raise its benchmark Selic rate by 75 basis points on Wednesday for a third time, to 4.25%, and perhaps drop its commitment to only a “partial” normalization of policy due to persistent inflationary pressures. [/s2If]
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