Bank of America Corp. closed out its recommendation for investors to bet on declines in the Mexican peso against the Brazilian real, saying that worries about the US’ southern neighbor are taking longer to materialize. “We got stopped in long BRL/MXN and have lost conviction as Brazil’s politics are more volatile than expected,” the bank’s strategists said in a note on Friday. Moreover, “our concerns about MXN (weaker US labor market, US election risks) keep getting postponed.” The Mexican peso has strengthened more than 3% against the US dollar since BofA initiated its recommendation on Nov. 17, lagging only the ... (full story)