# Brazil FX: What’s driving the BRL’s underperformance? - Euromoney

> The Brazilian real has fallen about 5% against the dollar over the past month, underperforming emerging-market peers. Standard Chartered's Ilya Gofshteyn says most international investors attribute the weakness to uncertainty over who will win Brazil's October presidential election, with Lula leading polls despite his incarceration.

- Date: 2018-04-24 · published 2018-04-24T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/65703-brazil-fx-what-s-driving-the-brl-s-underperformance-euromoney
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A weaker real makes Brazilian soybean, corn and meal exports cheaper in dollar terms, supporting Brazilian selling and pressuring global feed prices at the margin.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- USDBRL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| USDBRL | 2020-03-06 | [Brazil: Covid-19’s waves begin to wash up on LatAm’s shores - Euromoney](https://feedsoft.ai/events/9275-brazil-covid-19-s-waves-begin-to-wash-up-on-latam-s-shores-euromoney.md) | +4.4% | +13.1% |
| USDBRL | 2020-04-29 | [Decline in Brazil’s Real Underscores Need for Hedging](https://feedsoft.ai/events/53837-decline-in-brazil-s-real-underscores-need-for-hedging.md) | -0.0% | -5.1% |
| USDBRL | 2024-11-29 | [What is happening to BRL as the Brazilian Real collapses against the US Dollar](https://feedsoft.ai/events/27617-what-is-happening-to-brl-as-the-brazilian-real-collapses-against-the-us-dollar.md) | +1.7% | +5.6% |
| USDBRL | 2024-08-30 | [Political headwinds continue to drive LatAm FX uncertainty - Euromoney](https://feedsoft.ai/events/29019-political-headwinds-continue-to-drive-latam-fx-uncertainty-euromoney.md) | -0.8% | -3.6% |
| SBM | 2020-04-29 | [Decline in Brazil’s Real Underscores Need for Hedging](https://feedsoft.ai/events/53837-decline-in-brazil-s-real-underscores-need-for-hedging.md) | +1.1% | +0.1% |
| SBM | 2024-11-29 | [What is happening to BRL as the Brazilian Real collapses against the US Dollar](https://feedsoft.ai/events/27617-what-is-happening-to-brl-as-the-brazilian-real-collapses-against-the-us-dollar.md) | -1.3% | +2.2% |
| SBM | 2024-11-12 | [Brazil’s real weakens, interest rates climb under Trump effect](https://feedsoft.ai/events/27618-brazil-s-real-weakens-interest-rates-climb-under-trump-effect.md) | -1.9% | -3.0% |

## Sources

- euromoney.com: https://www.euromoney.com/article/27bjsstsqxhkmh1v3medg/foreign-exchange/brazil-fx-whats-driving-the-brls-underperformance/

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