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The Brazilian real weakened as the dollar closed at 5.2510 reais, its highest close since April 16, amid a dispute over the month-end Ptax rate and long dollar positions. The move came despite softer US inflation data, and the dollar gained 1.6% on the week.
A weaker real makes Brazilian soybeans, corn and meal cheaper for export buyers, which tends to support Brazilian export competitiveness and weigh on US and global feed prices at the margin.
en.brasil247.comRedação Brasil 247May 31, 2024After 301 past bullish macro events, USDBRL 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.
