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04:00 PMGoldman Sachs Dollar To Turkish Lira Forecast: USD/TRY To Rise To 54 In 12 Months - Exchange Rates Org UK 08:49 AMPolish consumer spending to slow as caution rises 08:12 AMPolish consumer spending to slow as caution rises 06:50 AMUBS Morning audio comment: The bias to optimism reasserts itself 02:40 AMMacro Freestyle – Can emerging markets weather the oil shock?01:30 AMThe Commodities Feed: Oil trades lower as US-Iran deal noise grows 01:30 AMThe Commodities Feed: Oil trades lower as US-Iran deal noise grows 01:29 AMThe Commodities Feed: Oil trades lower as US-Iran deal noise grows 06:52 PMUS Week Ahead: Looking for signs of stress in personal spending 06:42 PMGlobal FX: Broader impacts from the dollar bid 04:00 PMGoldman Sachs Dollar To Turkish Lira Forecast: USD/TRY To Rise To 54 In 12 Months - Exchange Rates Org UK 08:49 AMPolish consumer spending to slow as caution rises 08:12 AMPolish consumer spending to slow as caution rises 06:50 AMUBS Morning audio comment: The bias to optimism reasserts itself 02:40 AMMacro Freestyle – Can emerging markets weather the oil shock?01:30 AMThe Commodities Feed: Oil trades lower as US-Iran deal noise grows 01:30 AMThe Commodities Feed: Oil trades lower as US-Iran deal noise grows 01:29 AMThe Commodities Feed: Oil trades lower as US-Iran deal noise grows 06:52 PMUS Week Ahead: Looking for signs of stress in personal spending 06:42 PMGlobal FX: Broader impacts from the dollar bid

BCB

Banco Central do Brasil

BCBBrazil·BRL

Selic

14.25%

as of 2026-03-19

Next meeting

Jun 16-17

T-20d

The Banco Central do Brasil conducts monetary policy for Brazil under a formal inflation-targeting regime, with the Selic rate as its main policy instrument. The Comitê de Política Monetária (Copom) meets eight times per year over two days to set the policy rate.

Meeting Schedule (2026)

Jan 27-28Mar 17-18Apr 28-29Jun 16-17Aug 4-5Sep 15-16Nov 3-4Dec 8-9

Policy decisions are announced on the dates above. Source: official central bank schedules.

Primary Currency

BRL

Cross-firm view, consensus targets, and live rate

Selic

14.25%

As of 2026-03-19

BRL 2026 consensus

5.10

median of 18 banks

BRL net longs (CFTC)

10,240

latest as of May 19

-3,123 WoW

Next macro event

Unemployment Rate (Apr)

May 28

Upcoming Macro Calendar — Brazil

Next 8 high+medium impact events (next 30d)

Date	Event	Country	Impact	Consensus	Previous
Thu, May 28	Unemployment Rate (Apr)	BR	Med	5.9%	6.1%
Fri, May 29	Gross Domestic Product YoY (Q1)	BR	Med	—	1.8%
Fri, May 29	Gross Domestic Product QoQ (Q1)	BR	Med	—	0.1%
Fri, May 29	Gross Domestic Product MoM (Apr)	BR	Med	—	80.1%
Fri, May 29	GDP Growth Rate YoY (Q1)	BR	Med	1.8%	1.8%
Fri, May 29	GDP Growth Rate QoQ (Q1)	BR	Med	1%	0.1%
Fri, May 29	Unemployment Rate (Apr)	BR	Med	6%	6.1%
Fri, May 29	CFTC BRL speculative net positions	BR	Med	—	71 K

Bank Consensus on BRL

Aggregated 2026 year-end target across 18 sell-side firms

Median vs spot: +1.0%

Median

5.10

Spread

1.20

Top Bull

BNP5.70

Top Bear

ING4.50

All Firms · Bear → Bull

ING4.50 UBS4.80 HSBC4.85 StanChart5.00 NMR5.00 DB5.05 CBK5.10 RBC5.10 MS5.10 BofA5.10 MUFG5.15 Citi5.20 GS5.20 BARC5.20 SG5.35 Mizuho5.35 JPM5.55 BNP5.70

CFTC Positioning — BRL

Updated 8 days ago

Non-commercial net longs over the past 8 weeks. Latest report: May 19, 2026 for BCB

Latest net

10,240

BRL non-commercial contracts

WoW change

-3,123

-3,123 WoW

8-week trend

oldest → newest

Firm Coverage

Reports referencing BCB across covered research desks

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FX BANK FORECAST · COVERAGE

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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.