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Bolsonaro has filed a challenge to the Brazilian election he lost to Lula. The real closed 1.3% weaker against the dollar as the complaint added to existing concerns about Lula's spending plans.
Political uncertainty pushing the real lower makes Brazilian grain and meal exports cheaper in dollar terms, which can weigh on world feed prices.
reuters.comRicardo Brito, Carolina PuliceNov 22, 2022After 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.
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.
