Reuters: US Dollar Report: Brazil has no new target for currency-source

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Brazil has no new target for currency-source May 25th 2012, 16:23 SAO PAULO | Fri May 25, 2012 12:23pm EDT SAO PAULO May 25 (Reuters) - Brazil's recent interventions in the foreign exchange market have been aimed at limiting volatility after the real depreciated with "excessive" speed, but they do not signal a new government target range for the currency, a senior official told Reuters on Friday. "The strategy is to prevent movements that are too fast and could distort the economy," said the official, speaking on condition of anonymity. "On the other hand, we're also not going to draw any hard lines or do anything that over time we cannot defend" in the event of a strong market shock, such as a deterioration of the euro zone crisis, the official said.

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