The Brazilian real edged lower to around 5.045 per US dollar ahead of the presidential runoff, amid uncertainty surrounding the election. A Datafolha poll showed Senator Flavio Bolsonaro and President Lula tied at 50% each of valid votes. Earlier polls also indicated a statistical tie, with Bolsonaro’s lead narrowing compared with previous surveys. Some market participants believe a Flavio Bolsonaro administration would be more likely to rein in public spending, although neither the candidate nor his economic advisers have outlined concrete fiscal adjustments. Meanwhile, Brazil’s mid-month inflation rate reached 4.62% in October, below market expectations of 4.74%.