Monthly FX Bulletin – December 2024

December 13, 2024 edition of the TCP / VNCFX FX bulletin, covering November. It analyzes Donald Trump's election and the US protectionist turn, the government's delay in announcing credible spending cuts, which pushed the dollar above R$6.00, the Selic hike to 11.25% and closer trade ties with China at the G20. With the real down 25% for the year, the bulletin lists takeaways for clients: fiscal discipline cannot wait, adapt to shifts in global trade, watch the Central Bank and inflation, and prepare for continued volatility, without ruling out real appreciation in 2025 if a fiscal adjustment comes.