Goldman Sachs
Global FX Strategy 2026
LIVE10 January 2026USD bearish
Back to CurrenciesBullish
USD/BRL
Bullish BRL on carry and terms of trade. Brazil's high real rates offer compelli
GS Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
High real carry
Commodity exports
BCB easing measured
Election risk Oct 2026
All Firm Targets (Dec '26)
JPMBullish5.55
GSBullish5.20
ING5.20
BARCNeutral5.20
MUFGModerately Bullish5.15
MSModerately Bullish5.10
BofAModerately Bullish5.10
DBBullish5.05
Analysis Summary
Bullish BRL on carry and terms of trade. Brazil's high real rates offer compelling carry even as BCB eases. Commodity exports remain supportive. Election risk in Oct 2026 requires options overlay rather than outright exposure.