ING predicts that the dominant demand for carry trade is expected to push the USD/BRL pair lower to around the 4.80 level.

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USDBRL Chart by TradingView

After the FOMC decision later today, Brazil’s central bank (Banco Central do Brasil) is widely expected to deliver another 50 bps rate cut. Economists at ING analyze USD/BRL ahead of the central banks’ decisions.

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