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Hedge funds keep USD/BRL puts ahead of election run-off as protection premiums for Lula upset soar
Investors are largely holding on to bullish Brazilian real positions in foreign exchange options following Flavio Bolsonaro’s success in the first round of the presidential election, even as premiums for protection against a possible surprise victory for Luiz Inácio Lula da Silva have shot up.
Heading into the election, dealers say 95% of all US dollar/Brazilian real options trades were positioned for a stronger real in the event of a positive result for the more fiscally conservative candidate
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