
The Democrats won control of both chambers of the US Congress in the midterm elections, and markets priced this as a check on President Trump's fiscal, tax and regulatory plans. The dollar fell and the real opened around R$5.4587 in Brazil, with spot trading near R$5.4743.
Gains for the real were limited by domestic uncertainty ahead of the Copom decision, which is expected to hold the Selic at 13.75%.
A weaker dollar on reduced US policy risk modestly eases pressure on emerging-market currencies, lowering the cost of dollar-priced feed imports, while domestic rate and fiscal uncertainty caps the gain.
After 213 past bearish macro events, Brazilian Real (BRL per USD) moved a median -0.2% over 5 sessions (46% higher; middle half -1.5% to +0.9%), and +0.2% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.