Bolsonaro nearly wins in first round
Brazilian presidential candidate Jair Bolsonaro of the Social Liberal Party won a huge part of the vote in the first round of the election and nearly avoided a runoff. He earned 46% of the vote with Fernando Haddad finishing far back at 29.3%. The two men will face an Oct 28 runoff.
The Brazilian real has surged on the results. USD/BRL is trading down 2.4% to the lowest since early August.
Bolsonaro is a strong social conservative who has pledged to cut taxes across the board along with austerity and deregulation. Foreign investors hope to see deficit cuts.
