The USD/BRL exchange rate is currently at 4.88540, and the Brazilian Real is expected to remain strong for the foreseeable future. However, there is a possibility of depreciation risks in the coming year, according to Commerzbank.
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The Brazilian Real has shown its strong side so far this year. Economists at Commerzbank analyze BRL outlook.
The BCB’s credible monetary policy argues for a prudent approach, which is why the Real should continue to be supported by an attractive real interest rate for the foreseeable future. For the time being, we, therefore, see the BRL at a sustained high level.
Towards the end of next year, however, we fear growing doubts about a continued hawkish stance as the term of the current BCB governor expires and there is speculation about a more pro-government successor. This is likely to weigh on the Real next year.
Source: Commerzbank Research
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