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Brazil's real gained 0.6% to 5.26 per dollar as the country began its COVID-19 vaccination campaign using the CoronaVac shot. Most other Latin American currencies were subdued against a stronger dollar.
Rabobank forecast the real at 5.05 by end-2021.
A firmer real lowers the local-currency cost of Brazilian exports, which can ease dollar-quoted soymeal and corn prices for buyers. The move is driven by vaccine news rather than a change in supply.
reuters.comShreyashi SanyalJan 18, 2021After 213 past bearish macro events, Brazilian Real (BRL per USD) moved a median -0.2% over 5 sessions (46% higher; middle half -1.5% to +0.9%), and +0.2% 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.
