Latin American currencies are clearly struggling this year with the Brazilian real being the latest victim of a sell-off. USDBRL has leaped nearly 1% already today and trades at 4.25 – the highest level in history. As investors wonder if president Bolsonaro is able to fix public finances the economy seems to get hurt from crises in Argentina and Chile. Weak BRL is a headwind for a rally in coffee prices. Coffee is down by 1.5% but still up 18% over the past month!
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