After a three-week decline, the dollar was over-extended in our view, coming into the past week. A correction began in recent days, and the greenback rose against the major currencies but the Canadian dollar last week. Among emerging market currencies, Latam provided the bookends. Ahead of today's elections (October 27), the Argentine peso fell about 2.8% to finish near two-month lows. On the other side was the Brazilian real, which was up as much as the peso was down. Pension reform is projected to save BRL800 billion (~$190 billion) over the next decade. The Bovespa