Yesterday, the real showed an interesting performance. The dollar dropped to R$ 5.17, the lowest level since May of last year. All because Trump announced a reduction of global tariffs to 15% — and curiously, this was good for us. Sectors that faced tariffs of up to 50% are now breathing with 15%. It makes sense why the market reacted positively.

The movement wasn't just here. The index tracking the strength of the dollar against currencies like the euro and yen declined throughout the day, falling about 0.10%. When you look at a yen-dollar converter or any other pair, you notice that the dollar is losing strength. In the US, Treasury yields fell more than 1.5%, and New York stock exchanges closed down over 1% — a typical move of reducing risk asset positions.

But what really caught attention was the Central Bank. They started rolling over the swaps maturing in April and offered fewer contracts than expected. The result? They reduced the stock by US$ 1.25 billion. The consultancy attributes this to positive foreign exchange flows and the weakening of the dollar itself. So far in 2026, the Central Bank has already made a net redemption of US$ 1.4 billion in swaps. The real remains the best-performing currency among Latin American currencies — down 5.84% so far this year.