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Brazil's central bank sold $3 billion of dollars in the spot market in the morning and a further $465 million in the afternoon. The real hit a new record low just short of 4.80 per dollar and lost about 2% on the day, though the intervention slowed its decline.
It was the bank's first spot intervention since November and its largest dollar reserve sale since 2009.
A weaker real raises the local cost of imported feed inputs and makes Brazilian soybean and corn exports cheaper in dollar terms, so the currency move feeds into export pricing. The intervention signals the bank will defend the currency, which may limit further depreciation.
reuters.comJamie McGeever9 mar 2020Dopo 301 eventi macro rialzista passati, Real brasiliano (BRL per USD) si è mosso in mediana di +0,4% in 5 sedute (57% in rialzo; metà centrale da -1,2% a +1,7%), e di +1,0% in 20.
Variazioni del benchmark di ciascuna materia prima rispetto all'ultima chiusura prima dell'evento. Le letture storiche raggruppano eventi passati dello stesso tipo; descrivono ciò che è accaduto, non ciò che accadrà. Non è consulenza di investimento.
On 2020-03-09 the real hit a record low near 4.80 per dollar amid the oil collapse and global selloff, with the central bank's large spot intervention, so this event falls inside the window and reflects the sharp depreciation.
