Brazil’s real slumped on Thursday to within sight of its all-time low against the dollar, despite the central bank’s signal a day earlier that its latest interest rate cut could be its last, and a broad rise in market-based interest rates.
The real’s decoupling from rates suggested speculative flows were behind the currency’s slide, given that the rise in rates futures was widespread and on strong volume as traders unwound bets on further monetary easing from the central bank.
Brazil Energy Insight 
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