No surprise in these remarks. Brazil recently slapped a 2% capital tax to try and slow hot-money flows in Brazil, so it is pretty obvious that Brazilian authorities consider the currency overvalued.

Brazil, like China and Russia, consistently buys dollars to slow the appreciation of the local currency and then diversifies a portion of those new reserves in EUR, one of the main factors in dollar weakness against major currencies in recent months, resuming a trend that was disrupted by the global financial crisis.