🔺🔻Buy EURMXN Risk Reversal, Sell USDMXN Risk Reversal: UBS Strategy

Brazil FX and Brazil Rates (DI): Receive front end/belly flatterers Mexico FX and Rates (THE): Receive 2m3m Andeans FX: Short CLPCOP LatAm Volatility: Buy EURMXN Risk Reversal, Sell USDMXN Risk Reversal

Brazil BM&F USDBRL Position: Foreign institutional investors have added $1.4bn net longs on USDBRL over the past five days

- UBS Strategy