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Brazil Bulls Who Called Currency Rally Predict More Gains Ahead

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The only forecasters who correctly called the Brazil real appreciating past 3.1 per dollar this quarter are once again defying consensus, predicting more gains ahead for one of the world’s best performing currencies.

What bearish analysts fail to realize, according to ING Groep NV and Prestige Economics, is that Brazil’s already-improving domestic economy is poised to get a dramatic lift from a pickup in global growth and higher commodities prices. An improved outlook for fiscal accounts amid government efforts to dial back spending is also supportive, they say.

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