The Brazilian Real has rallied almost 10% in June despite Brexit and without any major turn in the macro in Brazil. 

Brazilian RealBrazil (EWZ, quote) like many EM (EEM, quote) economies has bottomed and stabilization is alone enough to take the Real  another 5-6% to the 3.10 level.

The rallies in the Brazilian Real (BZF, quote) and the Russian Ruble are endorsements for the commodity rally and lower rates for longer which will keep the Dollar (UUP, quote) at bay and force up asset prices.

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