Brazilian Real's Biggest Jump in Nearly 7 Years an EM Trigger?

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The Brazilian Real posted its biggest rally since November 2008 Thursday on threats by the country's monetary authority that it may intervene in the FX market to curb its dive. Can the group offset an underlying market current of risk aversion? Or, can the Real's move signal a reversal for the broader Emerging Markets? Unlikely on both accounts.
Seems like MSCI is leading here.
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