3 5:30:45 PM Subject: Re: good afternoon, Thank you very much for your note. The premise of the BRL collapse was primarily the drop in demand for Iron Ore coming from China. The AUD, NZD, and CAD are liquid proxies for BRL with half of the volatility. As 'commodity currencies' they track the BRL and Z

ay's trading. AUD - little new market impetus affecting AUD trading today. Small AUD buying vs NZD. Continuing contraction in manufacturing, slower Iron Ore exports, weak retail sales, a drop off in job ads are expected to weigh on the Reserve Bank of Australia's rate decision due on Tuesday. Most econom