# Brazil: The bumpy road to reform | articles | ING THINK

> Brazil's social security pension reform stalled after the Constitutional Commission (CCJ) failed to conclude the first stage of debate before Easter, and leadership discussed altering the draft at an early stage. President Bolsonaro's support base in Congress remains unstable, and ING expects persistent volatility in local financial markets and weak activity.

- Date: 2019-04-18 · published 2019-04-18T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/59777-brazil-the-bumpy-road-to-reform-articles-ing-think
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Delays to fiscal reform keep pressure on the real, which can raise the cost of imported feed inputs priced in dollars for Brazilian buyers. Weak domestic demand also limits local feed consumption growth.

## Read by commodity

- USDBRL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2024-04-17 | [FX Daily: The big unwinding \| articles \| ING THINK](https://feedsoft.ai/events/30940-fx-daily-the-big-unwinding-articles-ing-think.md) | -1.4% | -2.5% |
| USDBRL | 2022-11-16 | [Latam FX Outlook 2023: Too good to be true? \| articles \| ING THINK](https://feedsoft.ai/events/38887-latam-fx-outlook-2023-too-good-to-be-true-articles-ing-think.md) | +0.5% | -0.6% |
| USDBRL | 2024-12-03 | [FX Daily: BRICS currencies under pressure \| articles \| ING THINK](https://feedsoft.ai/events/12462-fx-daily-brics-currencies-under-pressure-articles-ing-think.md) | -0.2% | +1.8% |
| USDBRL | 2019-03-28 | [No, Brazil's Currency Is Not Going To R$5 If Pension Reform Fails](https://feedsoft.ai/events/60306-no-brazil-s-currency-is-not-going-to-r-5-if-pension-reform-fails.md) | -2.9% | +0.4% |
| USDBRL | 2024-07-02 | [Understanding the Storm in Brazilian Markets](https://feedsoft.ai/events/9457-understanding-the-storm-in-brazilian-markets.md) | -2.8% | +1.2% |

## Sources

- think.ing.com: https://think.ing.com/articles/brazil-the-bumpy-road-to-reform/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.