Brazil makes first FX intervention of the year

Strong real bucks wider regional trend of depreciation against the dollar

Central Bank of Brazil
Central Bank of Brazil

The Central Bank of Brazil (BCB) sold $2 billion on September 23, the first time it has intervened in foreign exchange markets since December 2021.

Brazilian media speculated the central bank was trying to shape US dollar interest rates in the country. The US dollar appreciated against the real on September 23, despite the sale. However, the real is still up 6% against the dollar this year.

William Jackson, economist at consultancy Capital Economics, said the BCB intervened “to prevent a

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