BWC Member Robin Brooks argues that Brazil’s Real is once again strengthening, driven by broad US dollar weakness and renewed focus on its deep undervaluation. Unlike the 2022 rally fueled by commodity shocks, the current move reflects structural dollar concerns and Brazil’s shift to sustained trade surpluses. He argues it is “prime time” for the Brazilian Real.  

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.