Brazil continues to slowly recover from its brutal blow last week and is up about 7% from its low close a week ago. ETFs which have large Brazilian exposure are up in a similar way. Other EMs (Poland, Mexico, Turkey, South Korea) are also outperfomers. Dollar longs, junior gold miners, and long-term Treasuries are down over the last five days. That said, there are only two ETFs in the universe we track down more than 1% over the past week.

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