The Brazilian real depreciated towards 5.2 per USD, moving away from an over two-month high of 5 touched on August 29th, dented by falling commodity prices and as recession worries due to faster rate hikes continued to support the dollar. Meanwhile, a stronger-than-expect domestic economy and lingering concerns about inflation next year cemented expectations that the country’s central bank could raise interest rates in September. The Brazilian central bank extended the tightening cycle for the 12th consecutive meeting in August and left the door open for an adjustment of lower magnitude in September. Brazil's central bank chief Roberto Campos Neto recognized that has been "quite aggressive" in raising interest rates, with much of that policy shift still to impact the economy, cautioning that policymakers should remain vigilant.
Historically, the Brazilian Real reached an all time high of 5.99 in May of 2020. Brazilian Real - data, forecasts, historical chart - was last updated on September of 2022.
The Brazilian Real is expected to trade at 5.31 by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 5.77 in 12 months time.