30.04.202615:35:51UTC+00Brazilian Real Holds Near Two-Year High

The Brazilian real traded steady at 4.98 per USD, hovering near a two-year high, as markets absorbed the central bank’s recent Selic rate cut against a backdrop of still-tight labor market conditions. The Central Bank of Brazil reduced its benchmark interest rate to 14.50%, pointing to an uncertain external environment driven by geopolitical tensions in the Middle East and tighter global financial conditions. The currency found support after policymakers signaled a cautious approach to any further monetary easing. This stance was underscored by labor market data showing the unemployment rate increased to 6.1% in the rolling quarter through March, up from 5.8%, though it remained the lowest level for that period since 2012.