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The Brazilian real weakened as much as 2% to 3.78 per dollar, its weakest since March 2016, as a global emerging market selloff led investors to unwind bets on stronger EM currencies. The currency fell for a sixth straight day despite increased central bank intervention, and had lost 11.3% since the start of the year.
Rising US bond yields, driven by expectations of Fed rate hikes, were pulling capital out of higher-yielding emerging markets.
A weaker real lowers the dollar cost of Brazilian soybeans, corn and meal, which tends to pressure world feed grain and meal prices while encouraging Brazilian export selling. Feed importers may benefit from cheaper Brazilian origin, but volatility adds hedging costs.
cnbc.comBruno Federowski18 mai 2018Après 301 événements macro haussier passés, Réal brésilien (BRL par USD) a varié en médiane de +0,4 % sur 5 séances (57 % de hausses ; moitié centrale de -1,2 % à +1,7 %), et de +1,0 % sur 20.
Variations du benchmark de chaque matière depuis la dernière clôture avant l'événement. Les lectures historiques regroupent les événements passés de même nature ; elles décrivent ce qui s'est passé, pas ce qui arrivera. Ceci n'est pas un conseil en investissement.
Directly describes the real's slump to 3.78 per dollar on 2018-05-18 for a sixth straight day despite central bank intervention, as an EM selloff and rising US yields drove capital out, which is the move in question.
