# Latam FX Talking: Politics, fiscal & copper in play | articles | ING THINK

> ING notes that markets are pricing Fed rate cuts, but flags risks from Mexican judicial reform, Brazilian fiscal accounts with a late-August policy statement, and weaker copper affecting Chile. ING forecasts USD/BRL near 5.50 and expects Brazil's Selic rate to be at 10.50% with hikes priced in.

- Date: 2024-08-12 · published 2024-08-12T12:00:00.000Z
- Category: macro · region Latin America · magnitude low
- Page: https://feedsoft.ai/events/11945-latam-fx-talking-politics-fiscal-and-copper-in-play-articles-ing-think
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

Brazilian fiscal and rate dynamics affect the real, which in turn shapes Brazilian export pricing for soybeans, corn and meal, relevant to feed buyers globally.

## Read by commodity

- USDBRL: neutral
- USDMXN: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2024-03-22 | [Latam FX Talking: Policy rates are coming down quickly \| articles \| ING THINK](https://feedsoft.ai/events/31428-latam-fx-talking-policy-rates-are-coming-down-quickly-articles-ing-think.md) | +0.5% | +5.6% |
| USDBRL | 2025-10-13 | [Latam FX Talking: Performing well despite local hazards \| articles \| ING THINK](https://feedsoft.ai/events/22621-latam-fx-talking-performing-well-despite-local-hazards-articles-ing-think.md) | -2.1% | -3.0% |
| USDBRL | 2020-01-17 | [LATAM FX Talking: The mighty MXN \| reports \| ING THINK](https://feedsoft.ai/events/55298-latam-fx-talking-the-mighty-mxn-reports-ing-think.md) | -0.1% | +2.9% |
| USDBRL | 2020-07-06 | [LATAM FX Talking: Reaching the limit of rate cuts \| reports \| ING THINK](https://feedsoft.ai/events/52403-latam-fx-talking-reaching-the-limit-of-rate-cuts-reports-ing-think.md) | +0.4% | -2.2% |
| USDBRL | 2020-06-16 | [Brazil: A monetary policy test for the BRL \| articles \| ING THINK](https://feedsoft.ai/events/52814-brazil-a-monetary-policy-test-for-the-brl-articles-ing-think.md) | +0.3% | +4.2% |

## Sources

- think.ing.com: https://think.ing.com/articles/latam-fx-talking-august-2024/

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