# Latam FX Talking: Carry trade remains the dominant theme | articles | ING THINK

> 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.

- Date: 2025-09-15 · published 2025-09-15T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/23090-latam-fx-talking-carry-trade-remains-the-dominant-theme-articles-ing-think
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

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.

## Read by commodity

- USDBRL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2024-07-10 | [Latam FX Talking: Making the most of a short-lived rebound \| articles \| ING THINK](https://feedsoft.ai/events/9456-latam-fx-talking-making-the-most-of-a-short-lived-rebound-articles-ing-think.md) | +0.5% | +3.9% |
| USDBRL | 2024-02-16 | [Latam FX Talking: Rethinking the real \| ING THINK](https://feedsoft.ai/events/31876-latam-fx-talking-rethinking-the-real-ing-think.md) | +0.0% | +0.4% |
| USDBRL | 2023-04-11 | [Latam FX Talking: Temporary setback for the Mexican peso \| articles \| ING THINK](https://feedsoft.ai/events/36612-latam-fx-talking-temporary-setback-for-the-mexican-peso-articles-ing-think.md) | -2.7% | -1.8% |
| USDBRL | 2023-08-14 | [Latam FX Talking: Full steam ahead with easing cycles \| articles \| ING THINK](https://feedsoft.ai/events/34790-latam-fx-talking-full-steam-ahead-with-easing-cycles-articles-ing-think.md) | +1.4% | +0.8% |
| USDBRL | 2023-09-11 | [Latam FX Talking: Large easing cycles in Brazil and Chile \| articles \| ING THINK](https://feedsoft.ai/events/34324-latam-fx-talking-large-easing-cycles-in-brazil-and-chile-articles-ing-think.md) | -2.2% | +3.6% |

## Sources

- think.ing.com: https://think.ing.com/articles/latam-fx-talking-september-2025/

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