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Market Update: Brazilian Real Hits 12-Month High
The Brazilian real appreciated to its highest level against the dollar in a year, testing the 4.98 neighbourhood for the first time since June 2020, amid brighter economic growth prospects and expectations of further domestic monetary policy tightening. Brazil’s central bank on Wednesday announced its third interest rate hike in 2021, a 75-basis point increase to 4.25%, and anticipated a similar rise in August to mitigate the spread of current temporary shocks to inflation. [/s2If]
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