# BCB remains on a collision course with the government, BRL at risk – Commerzbank: Analytics and Market news from 29 March 2023 13:55

> Commerzbank economists say risks to the Brazilian real remain high despite a hawkish central bank, as the government's criticism of monetary policy makes the central bank's job harder. They also flag ongoing back-and-forth over the fiscal framework and possible revision of the inflation target.

- Date: 2023-03-29 · published 2023-03-29T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/37064-bcb-remains-on-a-collision-course-with-the-government-brl-at-risk-commerzbank
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Currency weakness in the real raises the cost of imported feed inputs for Brazil and can make Brazilian soybean meal and corn exports more competitive, pressuring global feed prices.

## Read by commodity

- SBM: bearish ▼
- USDBRL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2023-05-31 | [USD/BRL: Real weakness could hasten if government tries to influence monetary policy – Commerzbank: Analytics and Market news from 31 May 2023 14:41](https://feedsoft.ai/events/36148-usd-brl-real-weakness-could-hasten-if-government-tries-to-influence-monetary.md) | -3.0% | -4.3% |
| USDBRL | 2023-06-29 | [USD/BRL: Real to suffer if BCB postpones rate cuts due to ongoing criticism of the government – Commerzbank — Octa](https://feedsoft.ai/events/35696-usd-brl-real-to-suffer-if-bcb-postpones-rate-cuts-due-to-ongoing-criticism-of.md) | +1.7% | -2.6% |
| USDBRL | 2020-05-25 | [Brazil's Real Gains "Toxic" Currency Status, with Fiscal and Political Risk Aversion - 25/05/2020 - Business - Folha](https://feedsoft.ai/events/7442-brazil-s-real-gains-toxic-currency-status-with-fiscal-and-political-risk.md) | -3.5% | -6.2% |
| USDBRL | 2026-07-29 | [Rabobank flags BRL downside as rate differentials narrow and fiscal risks rise ahead of 2026 elections - VT Markets](https://feedsoft.ai/events/18565-rabobank-flags-brl-downside-as-rate-differentials-narrow-and-fiscal-risks-rise.md) | -0.0% | +0.7% |
| USDBRL | 2024-09-23 | [Dollar rises more than 1% at the start of a week marked by inflation data in Brazil and the US \| Brasil 247](https://feedsoft.ai/events/28517-dollar-rises-more-than-1-at-the-start-of-a-week-marked-by-inflation-data-in.md) | -1.1% | +3.9% |
| SBM | 2026-06-02 | [Brazilian Real: Politics drive correction against US Dollar – Commerzbank](https://feedsoft.ai/events/12077-brazilian-real-politics-drive-correction-against-us-dollar-commerzbank.md) | -8.7% | -9.3% |
| SBM | 2023-01-09 | [Brazil’s Real Weakens Following Attacks on Government Buildings](https://feedsoft.ai/events/37982-brazil-s-real-weakens-following-attacks-on-government-buildings.md) | +1.7% | -1.2% |
| SBM | 2024-11-11 | [Brazil's currency weakens amid government delays in announcing new fiscal measures \| Reuters](https://feedsoft.ai/events/27614-brazil-s-currency-weakens-amid-government-delays-in-announcing-new-fiscal.md) | -1.9% | -4.2% |

## Sources

- teletrade.org: https://www.teletrade.org/analytics/market-analysis/market-news/3851149

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