Lula da Silva (Lula) is back as president of Brazil with a victory over Bolsonaro in Sunday's runoff. With Lula now formally elected, the focus will shift to cabinet member selections, particularly who Lula chooses to be finance minister as well as economy minister. Bolsonaro has yet to concede defeat or respond to the results, and with market participants concerned a hostile challenge to the election could be forthcoming, the short-term path of the Brazilian real could be determined by Bolsonaro's reaction.

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