• USD/BRL ratchets higher in early NY, as BCB removes some BRL support, daily swaps cut to 6300 from 7000 contracts
  
  
• Pair blasts above 10-DMA (3.1380) resistance, flirts with 61.8% Fib res by 3.1600
  
  
• Upper 21-d Bolli at 3.2217 caps, Support at daily Tenkan at 3.1357
  
  
• Persistent inflation likely yields extended hawkish cycle, a drain on growth