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Brazil's real weakened against the dollar on Monday after Lula won the presidential election over incumbent Jair Bolsonaro, who had not yet conceded. The real was down 0.7% in early trading after falling as much as 2% earlier, and interest rate futures rose sharply.
Political uncertainty over the transition weighed on the real, which raises the cost of Brazilian exports priced in dollars and can support soybean and corn values in dollar terms. The price effect is modest and depends on whether the result is accepted.
finance.yahoo.comReutersOct 31, 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.
