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Brazil's central bank sharply escalated currency intervention on 21 May, offering an additional 15,000 currency swap contracts worth about US$2 billion. The real closed at R$3.668 on the commercial rate after the dollar had risen 5.5% over six sessions on expectations of more US rate hikes.
Analysts said the market was respecting the intervention but that it was unlikely to reverse the dollar's longer-term trend.
Central bank support limits near-term real weakness, which slightly supports Brazilian export prices in dollar terms and reduces the pressure on world feed prices from currency-driven selling. Buyers should still expect volatility while the dollar strengthens.
www1.folha.uol.com.br22 may 2018Tras 213 eventos bajista de macro pasados, Real brasileño (BRL por USD) se movió una mediana de -0,2 % en 5 sesiones (46% al alza; mitad central entre -1,5 % y +0,9 %), y +0,2 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
The central bank's escalated swap intervention of about US$2 billion on 21 May pushed the dollar back below R$3.70, which directly explains the sharp one-day drop in BRL per USD ending 22 May.
