Concerns about the United States fiscal situation are very real and lead us to put less emphasis on other countries and their production.
Recently, articles have come out with bullish outlooks for the Brazilian economy. This has had an impact on the Brazilian implied volatility index (VXEWZ) especially in the farther month futures contracts.
Note that while the spot index and Nov 12 contract have fallen by 4.76% and 5.24% respectively, the December, January, and February contracts are flat or slightly higher.
To contrast Emerging Market Volatility (VXEEM) futures are all lower this week, with the November at an even steeper discount to the index than last week.