The Brazilian real ticked down to a 1-month low of 1.9035 versus the US dollar at about 8:25 am ET Monday. Thereafter, the real gained ground against the greenback within 3 hours and hit a high of 1.8700 as of 11:10 am ET. The pair that closed Friday's North American session close 1.8800, is now worth 1.8870.

Monday, Brazil's statistical office IBGE said in a report that the industrial production decreased 9.9% year-on-year in July. Economists expected a decline of 10.5%.

On a monthly basis, industrial production rose 2.2% in July, faster than the 1.5% growth expected.

For the January to July period, industrial production fell 12.8% compared to the same period of the previous year.

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