Renewed fears about the future of the euro-zone have sparked a retreat from all risky assets in recent days, and Latin American currencies have been no exception. For now, the risks remain skewed to the downside and it is not inconceivable that, in an extreme scenario, the region’s currencies could test the lows seen in 2008/09. But looking beyond the immediate turbulence, most currencies should regain their losses over the course of 2013.
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