Brazil Real Swings on Fiscal Woes, Central Bank Interventions.

Brazil's currency, the real, experienced significant swings after the central bank announced its second intervention in the currency market. The central bank auctioned up to 30,000 FX swaps, worth almost $1.5 billion, in an effort to offset concerns about the country's deteriorating fiscal outlook. The real initially opened higher but plummeted after a report on the fiscal deficit, making it the worst performing currency in emerging markets this year. Experts believe that the real will continue to underperform until the fiscal outlook improves. [Extracted from the article]