Once the USD tops out and falls, EM bond investors will pile back into Brazil. Thus Creating a reversal in USD/BRL. We are very near that inflection point now, perhaps by end of spring or it may be happening now.


I noticed only Brazilian real ( in Black)  and South African Rand  ( in Green) have had the the kind of big movements in both directions ( 50% down, then nearly full recovery within 10 years).

Most other EM currencies just keeps falling during bear markets and merely stabilizes or rebound modestly during bull markets.

also they are trying a new stimulus plan: