Commodity market report

Brazil exchange rate outlook Q1 2016



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Report summary

The real has depreciated by over 60% against the US dollar since 2011. Will the slide continue through 2016? We think the real is approaching its low point and could start to recover soon but significant downside risks remain.

What's included

This report contains

  • Document

    Exchange Rate Forecast Q1 2016.xls

    XLS 116.00 KB

  • Document

    Brazil exchange rate outlook Q1 2016

    PDF 369.05 KB

  • Document

    Brazil exchange rate outlook Q1 2016

    ZIP 414.70 KB

  • Document

    Executive summary

    PDF 207.80 KB

Table of contents

  • Executive summary

Tables and charts

This report includes 7 images and tables including:


  • Brazilian real to the US$ - base case versus downside
  • Reals per US$ (nominal)
  • Trade-weighted real exchange rate index
  • Terms of trade
  • Brazil inflation
  • Benchmark interest rates


  • Exchange rate forecasts

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