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The Brazilian real weakened against the dollar and euro during the week of June 26-30, 2023, after Copom minutes pointed to possible rate cuts in August. USD/BRL held support near 4.7520 while EUR/BRL broke above a falling wedge pattern.
A softer real on rate-cut expectations supports Brazilian export competitiveness for soybeans, meal and corn, which can pressure world prices for these commodities.
forex.comJames StanleyJun 30, 2023After 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.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% 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.
