# Why Lula's Silence on the New Term's Economic Team Is Moving the Dollar So Much

> Brazilian assets came under renewed pressure after Lula's re-election because the economic team for his fourth term remains unannounced. Uncertainty also centers on heterodox proposals to curb public debt, including an article by economist André Lara Resende calling for a cap on the policy rate. The dollar closed at R$5.48, its highest level of the year, and the Ibovespa fell 1.42%.

- Date: 2026-11-04 · published 2026-11-04T06:08:19.446Z
- Category: macro · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/79190-why-lula-s-silence-on-the-new-term-s-economic-team-is-moving-the-dollar-so-much
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Fiscal and policy uncertainty keeps the real under pressure, which supports the dollar price of Brazilian grain and meal exports. Expectations of higher rates for longer also raise financing costs for Brazilian feed and livestock operators.

## Read by commodity

- USDBRL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2020-03-19 | [Why the U.S. dollar’s relentless rally is causing pain for emerging markets - MarketWatch](https://feedsoft.ai/events/7018-why-the-u-s-dollar-s-relentless-rally-is-causing-pain-for-emerging-markets.md) | -1.1% | +2.8% |
| USDBRL | 2023-09-08 | [Why the US Fed's interest rate pause is a win for dollar bulls \| The National](https://feedsoft.ai/events/34010-why-the-us-fed-s-interest-rate-pause-is-a-win-for-dollar-bulls-the-national.md) | -2.2% | +4.1% |
| USDBRL | 2024-07-08 | [Special Analysis \| Why did the USDBRL rise so much in 2024?](https://feedsoft.ai/events/29480-special-analysis-why-did-the-usdbrl-rise-so-much-in-2024.md) | -0.4% | +4.7% |
| USDBRL | 2020-03-19 | [A global rush into the US dollar is driving extreme market moves and a temporary shortage](https://feedsoft.ai/events/6274-a-global-rush-into-the-us-dollar-is-driving-extreme-market-moves-and-a.md) | -1.1% | +2.8% |
| USDBRL | 2021-02-23 | [USD/BRL: Brazilian real set to depreciate modestly versus the dollar over the next year – Capital Economics — Octa](https://feedsoft.ai/events/48849-usd-brl-brazilian-real-set-to-depreciate-modestly-versus-the-dollar-over-the.md) | +1.7% | +1.0% |

## Sources

- oglobo.globo.com: https://oglobo.globo.com/economia/financas/noticia/2026/11/04/por-que-o-silencio-de-lula-sobre-a-equipe-economica-do-novo-mandato-mexe-tanto-com-o-dolar.ghtml

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