FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Quotes from Commerzbank Corporates & Markets:
-BRL: The Brazilian real continues with the weakening trend of late depreciating around 1.0% during yesterday's session. The latest bout of weakness stems from slower growth expectations that continue to be revised down in the central bank's weekly survey and comments from Minister Levy acknowledging this trend for Brazil of potentially posting negative growth during 2015.
-Needless to say a still global complicated picture for EM due to lower commodity prices (oil mostly for LatAm) and nervousness around Greece continue to take a toll on the region's FX but concentrating on the weak links: Brazil and Colombia.
-Coming back to the growth discussion, it's been our view that the MoF choose growth and the currency to be the adjustment variables in the stabilisation plan unveiled earlier in the year. We expect the BRL to continue losing ground to the USD and converge to levels close to USD-BRL 3.0 by year end.
