Brazilian Real Hits Lowest Levels Since 2016 on Cloudy Election Outlook

The Brazilian real fell beyond 4 per dollar for the first time since February 2016 after new polls showed that market-friendly presidential candidates are lagging rivals in the runup to the nation’s most uncertain election in more than 30 years.

The currency led losses among global peers after the latest polls underscored voter support for the Workers Party of jailed former President Luiz Inacio Lula da Silva, who’s expected to be barred from running. His leftist party opposes changes to labor and pension policies that many investors say are key to trimming the budget deficit and getting Brazil’s financial house in order.

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