Strategist at Rabobank Christian Lawrence sees the Brazilian currency depreciating further in the short-term. Key Quotes “Our bearish view on BRL has proven somewhat aggressive so far this year with USD/BRL range trading more than anything else”. “That said, the range has been wide with a high of 4.17 and a low of 3.85”. “To our mind, support for BRL came as volatility fell and therefore carry became more attractive”. “Our analysis shows BRL as the third most attractive carry currency globally. This type of support is fragile however and a sharp uptick in volatility would be accompanied by BRL selling which could push the pair back up to 4.20 in short order”. For more information, read our latest forex news.