Brazilian real

The carry-on wind is real, USD cup has re-rated sharply, and USD strength is broad-based.

That said, BRL still screens as one of the cheapest currencies globally and carries a meaningful rate premium.

The setup in LATAM requires distinguishing between currencies that can withstand external pressure on their own macro merits and those that are simply riding a commodity wave that is now reversing.

We continue to monitor VRL through the presidential elections that will take place on October 4th and suggest gaining exposure to VRL via optionality with a three-month horizon.

That reinforces the importance of issuer quality, even within a difficult market.

Look at the positioning chart for the Brazilian Real.

Speculative long positions are elevated relative to levels before earlier elections.

High interest rates have supported the currency by making its yield attractive, but crowded positioning leaves less room for disappointment.

Yeah, no, it's been a wild ride, and you're right, we're into our fourth season now, but You know, the club had a history already.

Obviously, you know, we've been around since 1947 in the BRL and the first team to, if you like, to ascend to the top flight out of the BRL or the QRL competition.

But we had a pretty, what we thought, a good plan and strategy in place and we've been able to put that into action and it's come together quite well and You know, we obviously get to look forward to playing a grand final qualifier at home this Friday night, which is an amazing occasion for the club.

Yeah, I mean, home, of course, will be Suncorp Stadium because of the nature of the event.

Uh, Macarthur grand final and Group Nine also on Sunday as well.

But, uh, the BRL, Redcliffe and West Brisbane, uh, doing battle at, uh, Totally Wicked Workwest.

They are Totally Wicked.

That's in St. Helens.

On the immediate reaction, Lira, for instance, should see absolutely no move.

Colombian PESO, Brazilian Real, these are the usual kind of high carry candidates.

I would also mention that several others screen in that category for other reasons.

So for instance, Mexico does not have very high carry, but we also see that the positioning continues to be quite low and the kind of fundamental BOP sports quite high.

Looks like people are mostly Gabe Kidd on here.

I think Gabe is positioned as Hyatt's BRL sort of pointing out here.

Finley getting pinned on Stiles Clashes in Eliminators.

Gabe's next two opponents seem to be face-to-face.