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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 mei 2018Na 213 eerdere neerwaarts macro-gebeurtenissen bewoog Braziliaanse real (BRL per USD) zich mediaan -0,2% over 5 sessies (46% hoger; middelste helft -1,5% tot +0,9%), en +0,2% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
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.
