# Latam FX Talking: Rethinking the real | ING THINK

> ING raised its 1-, 3-, 6- and 12-month Brazilian real forecasts, with USD/BRL at 4.9627 and a mildly bearish one-month bias. It also said Brazil's growth outlook is improving, and that the central bank may cut the Selic rate (11.25%) by another 100bp over the next two meetings. The Mexican peso is expected to hold its gains despite Banxico's easing.

- Date: 2024-02-16 · published 2024-02-16T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/31876-latam-fx-talking-rethinking-the-real-ing-think
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

A firmer real and carry-trade demand can lower Brazil's cost of imported inputs and support local farm-gate prices, which affects Brazilian export competitiveness for soymeal, corn and DDGS.

## Read by commodity

- USDBRL: bearish ▼
- USDMXN: 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 | 2025-09-15 | [Latam FX Talking: Carry trade remains the dominant theme \| articles \| ING THINK](https://feedsoft.ai/events/23090-latam-fx-talking-carry-trade-remains-the-dominant-theme-articles-ing-think.md) | -0.5% | +2.4% |
| USDBRL | 2020-12-04 | [LATAM FX Talking: FX gains as risk appetite solidifies \| reports \| ING THINK](https://feedsoft.ai/events/49854-latam-fx-talking-fx-gains-as-risk-appetite-solidifies-reports-ing-think.md) | -1.1% | +3.5% |
| USDBRL | 2022-12-13 | [Latam FX: Fiscal fundamentals \| articles \| ING THINK](https://feedsoft.ai/events/38430-latam-fx-fiscal-fundamentals-articles-ing-think.md) | -0.5% | -2.6% |
| USDBRL | 2021-11-17 | [LATAM FX Outlook 2022: Return of the Pink Tide? \| articles \| ING THINK](https://feedsoft.ai/events/44256-latam-fx-outlook-2022-return-of-the-pink-tide-articles-ing-think.md) | +2.7% | +3.9% |

## Sources

- think.ing.com: https://think.ing.com/articles/latam-fx-talking1402/

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