Mentioned at Zero Hedge, Brazil's long dated government bonds (due 2021) have had a failed auction. It's interesting how little news coverage this has gotton.
The Brazilian currency however has fared OK. Perhaps this isn't so big of a deal in the eyes of institutional traders. Given the highly negative correlation of USD/BRL to US stock indices, it does look a bit scary, given the last big volatility hike (late 2008) occured at similar exchange rate.
4 days ago
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