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ING's FX commentary says Latin American currencies remain supported by carry trade demand, with Fed rate cuts and low volatility encouraging inflows. The real's main risks are political, including US pressure over Bolsonaro and Lula's pre-election spending.
Currency strength in Brazil supports farmer selling restraint and affects the export competitiveness of Brazilian soy and corn, a modest factor for global feed prices.
think.ing.comChris TurnerSep 15, 2025After 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.
