
The Brazilian real strengthened slightly to 5.12 per US dollar in September after mid-month inflation came in above consensus at 4.47% year over year. The central bank had cut the Selic by 25 bps to 13.75%, and its minutes were more hawkish than expected.
Persistent inflation could slow the Selic easing cycle and support the real, which makes Brazilian exports dearer in dollar terms and can marginally firm Brazilian commodity offers.
After 213 past bearish macro events, Brazilian Real (BRL per USD) moved a median -0.2% over 5 sessions (46% higher; middle half -1.5% to +0.9%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.