JPMorgan turns bullish on Brazilian real, sees USD/BRL at 4.70-4.80

JPMorgan has raised its bullish positioning on the Brazilian real, forecasting the dollar to trade between R$4.70 and R$4.80, signaling renewed confidence in the real as a carry trade in Latin America. This marks a shift from prior bearish or neutral stances, likely driven by attractive yield differentials and improving domestic fundamentals. The call could attract foreign capital inflows to Brazil, supporting the real and influencing regional FX dynamics.