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USD/BRL continued rising toward 6.0 after a Supreme Court investigation into President Bolsonaro and his family led to the resignation of the federal police chief and Justice Minister Sergio Moro. CIBC revised its Selic rate forecast to 2.0%-2.25% by end-2020 and its Q2 USD/BRL forecast to 5.50.
The bank expects political tensions and a dovish central bank to weigh on the real.
Political pressure and dovish rate expectations weaken the real, which raises the dollar value of Brazilian exports and can soften Brazilian soybean and meal offers on world markets.
forexcrunch.comFX Street25 may 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.
