Brazil’s real jumped nearly 2% on Monday as iron ore futures soared, while stocks across Latin America rose amid an uptick in risk appetite ahead of an expected U.S. rate hike this week.
The currency of Latam’s largest economy, vaulted 1.8% as prices of Chinese iron ore futures, one of its top exports, extended a rally on hopes of an economic rebound in China in the third quarter.
Also aiding sentiment, Brazil posted a current account deficit of $2.764 billion in March, the lowest shortfall for the period in five years, central bank data showed.
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