This paper explores a unique dataset that contains 100% of the customer Ã¡ows from domestic dealers in the Brazilian FX retail market. We present two sets of results. First, we Ã–nd a strict link between currency Ã¡ows from the FX market and the Balance of Payments. Second, we examine the long-run and short-run behaviors of each of the main players in the FX market. Our VECM estimates show that while the commercial customer Ã¡ow is negatively related to exchange rate trend, the Ã–nancial and the central bank intervention customer Ã¡ows are positively related to exchange rate deviations from the long run trend. Our impulse response function also show that dealers charge a premium in order to provide unexpected overnight liquidity; that customers have "stabilizing" feedback trading; and that the central bank not only provides liquidity but also leans-against-the-wind when intervening.