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It's another example of being careful what you wish for.
For months, Brasil has been loudly moaning about the growing strength of its real vs the usd.
With good reason.
The real touched a 12 year high of 1.55 in July...before a 1% tax was added to weaken demand.
But yesterday...the real continued to decline...nay...plunged...to 1.9549...before settling at 1.9055...still the weakest level since July 2009.
The central bank was forced to shore it up in the futures market...by selling 2.7bn usd in swaps...for the first time in two years.
