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Brazil's real fell about 1% on Tuesday as presidential campaigns began, with investors watching the October election. A poll showed leftist Luiz Inacio Lula da Silva leading far-right incumbent Jair Bolsonaro by 12 percentage points.
Other Latin American currencies also slipped amid recession worries.
Political risk and a possible Lula win could weaken the real, making Brazilian-origin feed and grain exports cheaper in dollar terms and supporting Brazilian export competitiveness. Recession worries add to demand uncertainty for commodities.
financialpost.comReutersAug 16, 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.
