Brazil: Protests unlikely to hit the Real – Wells Fargo – by MSalordFX Brazil USDBRL Banks
ress and other buildings against the outcome of the 2022 presidential election and the new administration. Analysts at Wells Fargo point out that despite political risk being typically elevated in Brazil, they believe Brazil's “January 6 moment” will not have a long-lasting impact on local financial markets or the economy. They still see USD/BRL around 5.30 by the end of the first quarter.
“Over the medium-to-longer term, Lula's fiscal policy will likely be the driving force of the currency. Should future fiscal policies result in a further erosion of fiscal responsibility, we would turn outright negative on the currency for all of 2023, and our BRL5.00 target would be adjusted to reflect an outlook for Brazilian real weakness through the end of this year.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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