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LatinNews Daily - 22 August 2018

In brief: Brazil

* The value of the Brazilian real fell by 2.04% against the US dollar, closing the day on 21 August at over R$4/US$1 for the first time in more than two years. The real’s fall followed the release of new public opinion polls, the first since the electoral campaigning ahead of Brazil’s 7 October general elections formally began, which predict a presidential run-off between leftist former president Lula da Silva (2003-2011) and the right-wing retired army captain Jair Bolsonaro, a scenario which alarms investors. The markets’ preferred presidential candidate, Geraldo Alckmin, who has promised to maintain the current government’s economic reform agenda, is currently third or fourth in the polls. Analysts expect the currency volatility to continue in the run-up to the election.

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