Brazil real gains as central bank stands back

Brazil's real made significant gains recently and lead among Latin American currencies as the central bank stands back in the midst of political uncertainty. The real it at its strongest in over six months after the central bank sold less than half the reverse currency swaps in an auction.

Such swaps function like buying dollars in futures markets and are seen as a way to limit the currency's gains. The real has rallied recently due to President Dilma Rousseff's potential impeachment and the capital such an event would attract.

Read more at Reuters.