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Dollar surges 2.8%, hits its highest value in over a year after Bolsonaro speech (September 8)

RIO DE JANEIRO, BRAZIL - A broad sell-off in Brazilian assets gripped the domestic market on Wednesday (8) and took its toll on the exchange rate, with the dollar surging to a 15-month high above R$5.30 as foreign and local investors dumped positions amid concerns of a heightened domestic institutional crisis and its potential impact on public accounts and economic growth.

A wave of stop losses (automatic orders to minimize losses) prompted the dollar to leave behind all of its major moving averages of 50 (R$5.1988), 100 (R$5.2142) and 200 days (R$5 . . .

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