Brazil is still screening as a relatively horrible asset. A second vaccine should be a boost for LATAM currencies, for example BRL.
The USD weakness has been a strong narrative, but currencies such as BRL are still dogs compared to the USD.
With Moderna's vaccine now becoming "reality" , although the reaction is less euphoric" compared to Pfizer vaccine news, all things equal, the dollar should start fading versus EM FX (ex China).
Global demand should be lifting all boats, commodities exporting countries as well,and BRL is a big one in this space.
If the vaccine news start spilling over for real, laggards such as Brazil ETF, EWZ might get the second leg going.
EWZ is up just like everything else over past weeks, but is still a huge laggard. Note VXEWZ, EWZ volatility, has come down substantially over past weeks, offering cheap(er) convexity ways to play a possible break out move.