EMERGING MARKETS-Brazil’s real rises after 8 days of losses

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* Real down nearly over 6% over past 8 sessions * Chilean economic growth seen surging * Mexican peso lags (Updates prices) By Ambar Warrick and Susan Mathew July 12 (Reuters) – Brazil’s real rallied strongly on Monday on expectations of an economic recovery this year, leading gains across Latin American currencies, but a surge in global cases of the Delta COVID-19 variant prompted caution. The real rose 1.5% after tumbling 6.3% over the past eight sessions, in the wake of serious graft allegations related to vaccine procurement against the government. The sponsor of Brazil’s planned income tax reform said on Monday that Brazilians would pay 20 billion reais ($3.85 billion) less in taxes under a bill he plans to present on Tuesday. “Brazil has seen a genuine fall in risk premia as growth, inflation and tax revenues have all surprised positively reducing fiscal risk premia, whilst at the same time the (central bank) has been turning more hawkish. ……

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