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Bullish Case: Historical underperformance may be an inflection point for favorable macroeconomic policies and rebounding emerging markets driving demand for Brazilian assets.


Bearish Case: Persistent underperformance and heightened implied volatility suggest continued uncertainty and potential downside risks in the Brazilian market.


Potential Outcomes:

1) Short-term bounce on policy optimism (40%);

2) Continuation of long-term trend with further declines (35%);

3) Sideways movement amidst uncertain volatility (25%).


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April 02, 2024


iShares MSCI Brazil Forecast

EWZ        iShares MSCI Brazil
Price Forecast: NEUTRAL    Price Action: RANDOM (?)











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