We have updated our local technical position model. While allocations are still farfrom their May 2017peak, local funds have been increasing their exposure in localrisk assets again.    Our model suggests that, though marginally lower than May 2017, locals haverebuilt a sizeable DI receiver position. BRL and equity allocations are notsubstantial.    From a technical position viewpoint, a long BRL strategy (against the CLP, EUR andAUD in our case) looks less risky than receiving rates outright. While justified bythe aggressive monetary easing we expect in the coming quarters, an overcrowdedDI market, combined with a noisy political outlook, deserves caution.For a full explanation of our method, please refer to our initial publication: Brazil:    Introducing a technical position model.

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