We Like The Real

Although a whole range of currencies are currently looking strong against the US dollar, we continue to see the Brazilian real as an outperformer going forward. Indeed, the real is leading all major global currencies in its year-to-date performance against the greenback, up 32% since the start of the year. We see further scope for US dollar weakness, in large part due to the mostly non-existent yield on the currency. With the US economy still in a very weak spot, our global team does not envision any monetary tightening by the Federal Reserve before the second half of next year.

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