# Exchange Rate Should Pressure Inflation Expectations at Copom, Says Pinheiro

> Market expectations for Brazil's Copom meeting on Wednesday shifted from a 0.25-point Selic cut to holding the rate at 13.75% after the second round of elections. Economist Tatiana Pinheiro said the weaker real, around R$5.35 per dollar, is a potential inflation pressure and expects the Focus survey to raise 2026 and 2027 inflation forecasts.

- Date: 2026-11-02 · published 2026-11-03T00:09:04.020Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/76410-exchange-rate-should-pressure-inflation-expectations-at-copom-says-pinheiro
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

A weaker real raises the cost of imported inputs and feed-related goods for Brazilian buyers, and a tighter central bank stance keeps domestic financing costs high.

## Read by commodity

- USDBRL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2018-05-09 | [Three Catalysts Pressuring Emerging Markets \| Exchange Rates UK](https://feedsoft.ai/events/12777-three-catalysts-pressuring-emerging-markets-exchange-rates-uk.md) | +2.3% | +6.5% |
| USDBRL | 2018-02-02 | [Signs of Firming U.S. Inflation Put Emerging Market Currencies Under Pressure](https://feedsoft.ai/events/66723-signs-of-firming-u-s-inflation-put-emerging-market-currencies-under-pressure.md) | +3.7% | +2.5% |
| USDBRL | 2023-07-25 | [Brazil 50 basis-point rate cut comes into play as inflation edges lower](https://feedsoft.ai/events/35239-brazil-50-basis-point-rate-cut-comes-into-play-as-inflation-edges-lower.md) | +0.2% | +5.4% |
| USDBRL | 2024-07-31 | [Brazil holds interest rates as expected, flags 'greater caution'](https://feedsoft.ai/events/29477-brazil-holds-interest-rates-as-expected-flags-greater-caution.md) | -0.2% | -2.7% |
| USDBRL | 2024-05-28 | [Exchange Rate Fluctuations Highlight Brazilian Economic Vulnerability \| CZ app](https://feedsoft.ai/events/30479-exchange-rate-fluctuations-highlight-brazilian-economic-vulnerability-cz-app.md) | +1.7% | +5.6% |

## Sources

- cnnbrasil.com.br: https://www.cnnbrasil.com.br/economia/money/macroeconomia/cambio-deve-pressionar-expectativa-de-inflacao-no-copom-diz-pinheiro/

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