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BRAZIL: Brazil Announces Additional FX Swaps Auction, USDBRL Pares Gains

BRAZIL
  • BRAZIL TO AUCTION UP TO 30,000 FX SWAPS AUG. 30" (BBG)
  • Volatile session continues on Friday for USDBRL with a solid 2% range on the session and the latest bout of weakness bringing the pair back into moderate negative territory. The FX swaps auction announcement is behind the latest BRL strength and comes on top of the earlier spot auction of $1.5B.
  • Earlier, BCB Governor Campos Neto said the spot intervention was due to a re-balancing of an index. He added the central bank is always observing situation and intervenes in currency when there’s dysfunction.

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