# What displeased the market in the Copom minutes on interest rates, and what does it have to do with the dollar’s rise?

> Brazil’s central bank kept the Selic rate at 13.75% after five consecutive cuts and said worsening inflation expectations warrant keeping rates high for longer, without specifying when cuts might resume. The minutes and US inflation data contributed to a 1.48% rise in the dollar to R$5.58, its highest level since July 2025.

- Date: 2026-11-11 · published 2026-11-11T03:11:22.541Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/92818-what-displeased-the-market-in-the-copom-minutes-on-interest-rates-and-what-does
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

A weaker real raises the cost of imported feed ingredients and farm inputs in Brazil, while potentially improving the price competitiveness of Brazilian exports. The currency move is supportive of Brazilian export prices, all else equal.

## Read by commodity

- USDBRL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2024-09-23 | [Dollar rises more than 1% at the start of a week marked by inflation data in Brazil and the US \| Brasil 247](https://feedsoft.ai/events/28517-dollar-rises-more-than-1-at-the-start-of-a-week-marked-by-inflation-data-in.md) | -1.1% | +3.9% |
| USDBRL | 2016-11-16 | [Dollar bulls have room to run on Trump win, euro could reach parity with dollar](https://feedsoft.ai/events/9133-dollar-bulls-have-room-to-run-on-trump-win-euro-could-reach-parity-with-dollar.md) | -2.6% | -3.3% |
| USDBRL | 2025-11-19 | [Dollar rises in the Brazilian market following international movement \| Brasil 247](https://feedsoft.ai/events/22163-dollar-rises-in-the-brazilian-market-following-international-movement-brasil-247.md) | +1.3% | +3.8% |
| USDBRL | 2018-08-23 | [Here’s how Jackson Hole could impact the dollar, bonds and emerging markets - MarketWatch](https://feedsoft.ai/events/63695-here-s-how-jackson-hole-could-impact-the-dollar-bonds-and-emerging-markets.md) | +1.2% | +0.2% |

## Sources

- oglobo.globo.com: https://oglobo.globo.com/economia/noticia/2026/11/11/o-que-desagradou-ao-mercado-na-ata-do-copom-sobre-juros-e-o-que-isso-tem-a-ver-com-a-alta-do-dolar.ghtml

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