The real currency was flat Monday, trading around 2.3401 per U.S. dollar. The WisdomTree Brazilian Real ETF (NYSEArca: BZF) was up 0.1%. [Brazil’s Election: Peril or Profit for EM Bond ETFs]

“We doubt the U.S. dollar/Brazilian real will stay above the 2.35 for long – if it even reaches that point – and we certainly expect the central bank to push back hard against any pre-electoral foreign-exchange volatility,” Brown Brothers Harriman added. “The government will not tolerate a 2.40 level.”

iShares MSCI Brazil Capped ETF

For more information on Brazil, visit our Brazil category.

Max Chen contributed to this article.