A note from the Bloomberg terminal showed the BRL outperforming major currencies by a mile as Brazil's high interest rates leaves going long BRL denominated assets vs USD (or traditional funding currencies like JPY) as world's best carry trade. Brazilian real Q1 return is the best since 2009
The sovereign curve has seen the 1y rate jumping 370bps to 12.7%, 2y rising 197bps to 12.0% over the last six months. The 10-year yield stands at 11.3%
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