# Brazil: Dissecting the BRL's outperformance - Rabobank — Octa

> Rabobank analysts estimate that external and domestic factors contributed roughly equally to the Brazilian real's 2016 outperformance, driven by lower country risk and higher commodity prices. They forecast the real strengthening toward 3.05 per dollar by December 2017, with a year-end range of 3.05 to 3.25.

- Date: 2017-01-11 · published 2017-01-11T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/73181-brazil-dissecting-the-brl-s-outperformance-rabobank-octa
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

A forecast of further real appreciation would make Brazilian commodity exports less competitive on the world market, a modestly bearish factor for soy and corn export prices, while higher raw material costs partly offset this.

## Read by commodity

- USDBRL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2017-08-07 | [Brazil: We expect a near-term rally in the BRL - Danske Bank — Octa](https://feedsoft.ai/events/69657-brazil-we-expect-a-near-term-rally-in-the-brl-danske-bank-octa.md) | +1.5% | +0.4% |
| USDBRL | 2017-09-29 | [Brazil: Mid- and long-term prospects for the BRL look brisker - Danske Bank — Octa](https://feedsoft.ai/events/69155-brazil-mid-and-long-term-prospects-for-the-brl-look-brisker-danske-bank-octa.md) | -1.6% | +2.7% |
| USDBRL | 2019-08-23 | [Brazil: Improving domestic outlook versus external headwinds – Rabobank — Octa](https://feedsoft.ai/events/57790-brazil-improving-domestic-outlook-versus-external-headwinds-rabobank-octa.md) | +2.6% | +2.8% |
| USDBRL | 2022-10-28 | [Why did the Brazilian Real and Mexican Peso outperform USD? \| LSEG](https://feedsoft.ai/events/39346-why-did-the-brazilian-real-and-mexican-peso-outperform-usd-lseg.md) | -3.5% | +1.6% |
| USDBRL | 2022-04-21 | [Brazil: Dissonance](https://feedsoft.ai/events/42061-brazil-dissonance.md) | +8.4% | +7.7% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/399995/

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