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The real accelerated its depreciation in early March 2020, with the dollar closing at $4.58 on Wednesday and the real down 13.9% year to date by Thursday. The central bank's $1 billion FX swap intervention failed to halt the decline.
Markets priced in further Selic rate cuts after the US Fed's 50 basis point cut, and Brazil's 2019 growth was confirmed at 1.1%.
Currency weakness and expected rate cuts raise the risk of a slowdown in Brazilian demand and make Brazilian export supply cheaper in dollars. Brazil's heavy reliance on China, which takes 27.6% of its exports, adds to the downside risk for agricultural prices.
euromoney.comRob Dwyer2020年3月6日在过去 301 次看涨的宏观事件之后，巴西雷亚尔(每 USD 的 BRL) 在 5 个交易日内中位数变动 +0.4%（57% 上涨；中间一半区间为 -1.2% 至 +1.7%），20 个交易日内为 +1.0%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件；仅描述已发生的情况，不代表未来走势。不构成投资建议。
Dated a day after the move, but describes the accelerating early-March real depreciation, failed central bank swap intervention and Selic cut pricing that contributed to the same slide, though it is partly confirmatory rather than a distinct driver.
