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Brazil will not change FX intervention program: source

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(Globalpost/GlobalPost)

SAO PAULO (Reuters) - The Brazilian central bank has no target level intended for its local currency and no plans to change its daily forex intervention program, a member of the government's economic team told Reuters on Wednesday.

An initial partial sale of currency swaps - derivatives that provide hedges against currency losses - raised speculation on Wednesday that Brazilian policymakers could become less aggressive in their currency intervention as the real climbed to four-month highs.

(Reporting by Patricia Duarte; Writing by Alonso Soto; Editing by Chris Reese)

http://www.globalpost.com/dispatch/news/thomson-reuters/140326/brazil-will-not-change-fx-intervention-program-source