The Brazilian real surged toward 5.22 per US dollar after President Donald Trump's decision to postpone strikes on Iranian energy infrastructure triggered a sharp reversal in global risk sentiment. This recovery followed a period of intense pressure where the currency weakened toward 5.3 as investors reacted to record Treasury interventions and soaring oil prices. Domestic markets are also navigating a leadership transition with the swearing-in of Dario Durigan as Finance Minister who pledged to maintain fiscal continuity following Fernando Haddad's departure. Despite this relief the outlook for interest rates has turned increasingly hawkish with year-end 2026 Selic expectations rising to 12.5% as persistent price pressures weigh on the Central Bank's easing cycle.