It has accumulated four consecutive days of growth and is on its way to closing a 100% positive week, exciting the export sectors.
He dollar in Uruguay continues a positive climb and approaches the 39 peso rangea place where it has not been for almost five months, exciting the export sectors with the definitive end of the bearish trend which predominates since the end of 2022.
The closing of the quote of the dollar Yesterday’s trading must have surprised many who, surely, observe the upward curve in the value of the currency in recent days trying to maintain moderate optimism – remembering many previous bullish “feints” that ended, rather, in a “ironing”. The fact is that, as if it were a gift for Export Day, the US currency marked a rise of 0.78%according to official data from the Central Bank of Uruguay (BCU).
In this way, yesterday’s day closed with a dollar to 38,746 pesos, after four consecutive days on the rise and after having reached a maximum in more than three months on Wednesday. And, for the first time in many weeks, it seems possible that the price of the foreign currency will return to the range of 39 pesos, something it has not achieved since last May 3.
There is one day left in September, can we reach $39?
Few dare to make a precise forecast about the behavior of the dollar in the local exchange market. However, the general context seems to be favorable for the bullish trend is consolidated with the passing of the days.
With a global dollar that is strengthening as investors escape from the currencies of emerging markets due to the aversion to increasingly greater risk, the price of the US currency in Uruguay is no longer anchored to international depreciation, while the peso is no longer driven by the appreciation of the real Brazilian.
Likewise, there is also no factor that the government continues to point out as being responsible for the exchange delay: record exports and the significant income of foreign currency—which generated much more supply than local demand could absorb.
Considering these elements—and also adding the cuts to the Monetary Policy Rate (MPR) that the BCU has been carrying out—everything seems to indicate, at least for the moment, that the dollar will continue its good performance. Will it reach 39 pesos today? Probably not – although it is not impossible – but if it registers the fifth consecutive increase and closes a 100% positive week, it will be very close to the floor that analysts still maintain as a projection for the end of the year.
Source: Ambito
