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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 mag 2018Dopo 213 eventi macro ribassista passati, Real brasiliano (BRL per USD) si è mosso in mediana di -0,2% in 5 sedute (46% in rialzo; metà centrale da -1,5% a +0,9%), e di +0,2% 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.
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.
