Brazilian Currency Touches Four-Year Low Prompting Intervention; Currency Intervention Madness Displayed in Chart Form

The Financial Times reports Brazil declares new ‘currency war’ Brazil has declared a fresh “currency war†on the US and Europe, extending a tax on foreign borrowings and threatening further capital controls in an effort to protect the country’s struggling manufacturers. Guido Mantega, the finance minister who was the first to use the controversial term in 2010, said the government would not “sit by passively†as developed nations continue to pursue expansionary monetary policies at the expense of Brazil.“When the real appreciates, it reduces our competitiveness

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Brazilian Currency Touches Four-Year Low Prompting Intervention; Currency Intervention Madness Displayed in Chart Form