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Brazil's government projects R$327 billion in savings by 2030 from 13 fiscal adjustment measures, including a constitutional amendment and bills still not sent to Congress. It also plans to reduce or eliminate income tax for about 36 million people.
Market skepticism pushed the dollar above R$6 on Thursday.
Fiscal doubts are weakening the real, which makes Brazilian exports cheaper and can support soymeal, corn and other feed exports from Brazil while raising import costs for local feed inputs.
valorinternational.globo.comEstevão Taiar, Guilherme Pimenta, Jéssica Sant’AnaNov 29, 2024After 301 past bullish macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% over 20.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% 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.
