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UPDATE 1-Short-term market moves must not spook Brazil central bank, director says

Brazil's central bank director Gabriel Galipolo said on Wednesday that the monetary authority should not get spooked with "short-term" market fluctuations and will need time to understand how recent moves affect its mandates. Emerging market currencies, including Brazil's real, have slumped in recent days as the dollar soared on rising geopolitical tensions and fading hopes of an interest rate cut by the U.S. Federal Reserve. Galipolo acknowledged that countries that started lowering rates early as inflation receded, such as Brazil, were among the most hit by the recent repricing of the U.S. yield curve and the strengthening of the greenback.