cautious on BRL because of structural concerns, weak fundamentals and less BCB intervention appetite. After 2013's annus horibills, we anticipate Lat Am FX to offer more value over the coming months. The reaction to December's Fed tapering decision suggests markets have fully incorporated expectations

9 January 2014 FX Blueprint: Thin end of the wedge Theme #1 0. Pesos no prickly pair • Cyclical Lat Am FX offers value in an environment of strong US/global growth. • Stay long MXN vs. USD, COP and RUB on back of FIN inflow pre-pricing and oil product