# Goldman Sachs stays bullish on Brazil’s real despite election risks

> Goldman Sachs strategist Teresa Alves told Valor that the Brazilian real should stay relatively strong and not depreciate further, citing elevated oil prices, an expected unchanged Fed and high Brazilian interest rates. She acknowledged volatility may rise ahead of the presidential election.

- Date: 2026-06-16 · published 2026-06-16T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/10643-goldman-sachs-stays-bullish-on-brazil-s-real-despite-election-risks
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

A stable-to-stronger real makes Brazilian soybean and corn exports less competitive in dollar terms, which can support US and other origin prices, while election volatility adds risk to Brazilian FX-linked export pricing.

## Read by commodity

- USDBRL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2021-01-18 | [Brazil's real rises, with eyes on vaccination campaign](https://feedsoft.ai/events/49386-brazil-s-real-rises-with-eyes-on-vaccination-campaign.md) | +2.1% | +2.8% |
| USDBRL | 2022-07-07 | [Brazil real to firm, but pre-election fiscal loosening seen as risk - Reuters poll](https://feedsoft.ai/events/40694-brazil-real-to-firm-but-pre-election-fiscal-loosening-seen-as-risk-reuters-poll.md) | -1.5% | -3.4% |
| USDBRL | 2020-06-29 | [Brazilian Real Strengthens on EM Risk Appetite, Falling COVID-19 Cases](https://feedsoft.ai/events/52813-brazilian-real-strengthens-on-em-risk-appetite-falling-covid-19-cases.md) | -2.8% | -5.2% |
| USDBRL | 2018-10-08 | [Brazil's real, stocks rally on Bolsonaro win](https://feedsoft.ai/events/7665-brazil-s-real-stocks-rally-on-bolsonaro-win.md) | -4.1% | -4.3% |
| USDBRL | 2022-05-03 | [Barclays Sees Sharp Rally in Brazil’s Real on Rate Hikes](https://feedsoft.ai/events/41607-barclays-sees-sharp-rally-in-brazil-s-real-on-rate-hikes.md) | +1.9% | -6.0% |

## Sources

- valorinternational.globo.com: https://valorinternational.globo.com/markets/news/2026/06/16/goldman-sachs-stays-bullish-on-brazils-real-despite-election-risks.ghtml

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.