# Latam FX Talking: Large easing cycles in Brazil and Chile | articles | ING THINK

> Brazil and Chile have both started large monetary easing cycles, and Brazil's second-quarter GDP beat expectations at 0.9% QoQ. USD/BRL was trading near 4.98 with a mildly bearish one-month bias, and analysts expected about 155bp of Brazilian easing by year-end.

- Date: 2023-09-11 · published 2023-09-11T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/34324-latam-fx-talking-large-easing-cycles-in-brazil-and-chile-articles-ing-think
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Expected BRL stability on high real rates would keep Brazilian export prices competitive but less cheap, a modest factor for soybean meal and corn export pricing.

## Read by commodity

- USDBRL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 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 | 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 | 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% |

## Sources

- think.ing.com: https://think.ing.com/articles/latam-fx-talking-easing-cycles-brazil-chile/

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