Brazil Charts Testing Lows: Double Bottom Coming?
Copom will meet tomorrow to decide on the next hike (25bps expected) and hopefully sound less hawkish now that they have gotten a little distance on inflation but helped the "real rate" profile.
The market is dancing near the Feb 3 lows and not far off the July '13 lows.
Despite all the doom and gloom (GDP revisions lower, electricity rationing, falling China demand for ore), the Ibovespa ( quote ) maybe setting up for a "double bottom" at 45K on the index where we bounced last July.
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