USDBRL reflects Copom minutes, postponement of the fiscal framework and tax reform expectations

After 92 past neutral macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +0.4% over 20.

• Dec 12, 2023USDBRL should reflect Brazil's GDP, employment and services in the US, and data for China-0.1%
• Oct 31, 2024Fiscal policy alignment offers relief, but U.S. data limits market gains-1.3%
• Aug 3, 2018Brazil: 2018 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Brazil in: IMF Staff Country Reports Volume 2018 Issue 253 (2018)+1.6%
• Dec 13, 2023USD/BRL: Real well positioned despite rate cuts – Commerzbank — Octa-2.0%
• Dec 6, 2022Brazil's real up ahead of fiscal policy discussion, Chile's c.bank decision eyed | Financial Post+1.4%