TD Securities Favors Brazilian Real Gains Below 5.00 Against US Dollar

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TD Securities is favoring gains in the Brazilian Real against the US Dollar, citing a constructive backdrop supported by diversified commodity exposure and strong carry. The firm's short-term fair value model places USD/BRL near 5.00 when political risk is excluded. TD Securities said it favors the cross below 5.00, with a longer-term move toward 4.60.

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