• The real enjoyed a massive rally on Thursday after the governor of Brazil’s central bank vowed to use “all instruments” available to policymakers to stem the currency’s recent slide.• Busting a five-day losing streak, the real rallied as much as 7% intraday, its biggest gain since November 2008.
• On Wednesday, the bank announced plans to auction $2B worth of currency swaps over two days – restarting a program that was scrapped earlier this year.
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