Brazil's cenbank intervenes in FX markets

Brazil's central bank intervened in the foreign exchange markets today [21 November], saying that it does not want the real to strengthen too much against the dollar as it could be detrimental to Brazil's trade balance. The real strengthened to a one-month intraday high of BRR1.896/dollar. This was the third time this year that the central bank has intervened.

Monetary policy director Luiz Fernando Figueiredo said that the central bank is prepared to use up to $3bn of its reserves over the

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