EFTA Document EFTA01458616

25 September 2015 FX Forecasts and Valuations: Don't throw in the towel Lett Amines Brazil After months of negative signals but overall relative stability, the policy backdrop in Brazil appears to be quickly unraveling, and the BRL is following suit. USD/BRL is now about 70% higher on the year (BRL REER 20% weaker), and more is likely in store given the potential for further political and policy deterioration (as well as the intensifying recession and unfavorable external backdrop). A pol