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An official said Brazil cannot cut rates yet due to economic uncertainty. The real has weakened more than 6% from the central bank's 5.30 per dollar inflation projection.
Persistent currency weakness and delayed rate cuts raise the cost of imported inputs for Brazilian feed producers and can encourage farmer selling of soy and corn for export.
reuters.comMarcela Ayres, Bernardo CaramJul 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.
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.
