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The Brazilian real fell 1.1% against the dollar in thin trading on January 2, the first session of the year, after Lula was sworn in as president. Brazilian stocks also fell, led by Petrobras, after Lula signed a decree and criticized the spending ceiling.
Fiscal concerns and a weaker real can shift Brazil's export competitiveness for soybeans, corn and meal, and fiscal uncertainty adds to currency volatility affecting feed commodity pricing.
financialpost.comReutersJan 2, 2023After 301 past bullish macro events, USDBRL moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% 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.
