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Brazil's lower house approved a tax reform bill that would merge five levies over eight years. The real strengthened more than 1% against the dollar on the news, and the Bovespa index rose 1.65%.
The reform improves the fiscal outlook and supports the real, which can make Brazilian export commodities cheaper in dollar terms and affect soybean and corn origin pricing.
reuters.comMaria Carolina MarcelloJul 7, 2023After 13 past bearish policy events, USDBRL moved a median -3.4% over 5 sessions (15% higher; middle half -3.4% to -1.3%), and -1.9% 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.
