The Brazilian real held steady at 4.98 per USD, near a two-year high, as markets digested the central bank’s decision to cut the Selic rate alongside still-tight labor market conditions. The Central Bank of Brazil lowered its benchmark rate to 14.50%, citing an uncertain external backdrop shaped by Middle East tensions and tighter global financial conditions. The real found support as the central bank signaled caution on further easing. This stance was reinforced by labor data showing the unemployment rate rose to 6.1% in the rolling quarter ending March from 5.8%, still the lowest for the period since 2012.