The Brazilian real has come under renewed pressure over the past couple of months as markets have responded to an ugly mix of a stagnant economy and a deepening political crisis that is threatening to paralyse the government. However, while there is not much to cheer, we suspect that investors can take some heart from the fact that much of the bad news is now surely priced into the market. Accordingly, we think that the big falls in the real may now be behind us.
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