High commodity prices are boosting Brazil's terms of trade and leading to record trade surpluses. A favorable external backdrop and still high real interest rates should support the Brazilian real.
More Quotes from Harvinder Kalirai:
We did expect a sharp deterioration of the trade balance. The real story on the trade numbers is that the import surge reflects very solid domestic demand.Harvinder Kalirai
We're starting to see positive signs that the Japanese business cycle may be moving around. The dollar-yen should trade lower in coming months.
Harvinder Kalirai
The trend is still toward wider deficits, so this is a concern for the U.S. dollar. I continue to forecast it lower.
Harvinder Kalirai
If the market begins to expect a more imminent end to the Fed's tightening cycle that would certainly remove the interest rate support for the dollar,
Harvinder Kalirai
At these levels, the Australian dollar is looking attractive. A decline in U. S. interest-rate expectations is beneficial for Australia.
Harvinder Kalirai
The commodity story remains very positive for Australia. Relative to commodities prices the Australian dollar isn't overvalued.
Harvinder Kalirai
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