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Brazilian markets fell sharply on March 18, 2020, and the real slid almost 5% to as low as 5.2490 per dollar. Central bank foreign exchange and bond interventions did not stop the sell-off, and the currency's 2020 losses approached 25%.
A weaker real makes Brazilian exports cheaper in dollar terms, which can pressure dollar prices for Brazilian soy and corn and encourage farmers to sell more. The currency move is therefore bearish for those commodities.
reuters.comJamie McGeever18 mar 2020Tras 301 eventos alcista de macro pasados, Real brasileño (BRL por USD) se movió una mediana de +0,4 % en 5 sesiones (57% al alza; mitad central entre -1,2 % y +1,7 %), y +1,0 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
On March 18 the real slid almost 5% to about 5.25 per dollar despite central bank intervention, which accounts for a large part of the 5-day move ending that date.
The real's near-5% slide on March 18 despite central bank intervention shows the momentum and risk aversion that carried into the following sessions.
