
The dollar rose 0.5% to 5.61 reais, its highest since May 2025, and the real has lost about 12% since Lula won the late-October runoff. The Bovespa index fell 0.9% and is down 17% since the election, with Petrobras and Vale shares sharply lower.
Currency weakness and capital outflows raise the cost of imported inputs for Brazilian producers while making Brazilian exports cheaper, a mechanism that tends to weigh on world soy and corn prices.
After 301 past bullish macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% 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.