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In order to investigate the triangular arbitrage opportunities, we will use the following pairs:

EUR/USD = 1.1015/19
EUR
USD/BRL = 4.2364/69

EUR/BRL= 4.6664/86

We are considering the following path:


USD BRL
1 EUR -> BRL -> USD -> EUR

1 1
1 EUR=4.6664 × × =0.9994<1 →∄ AU
4.2369 1.1019

1 EUR -> USD -> BRL -> EUR

1
1 EUR=1.1015 × 4.2364 × =0.999<1→ ∄ AU
4.6689

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