The US currency has accumulated three consecutive days of rise and a positive balance of 2.16% so far in October.
He dollar in Uruguay continues to advance in what appears to be a bullish trend, in which it has already accumulated a positive balance of 2.16% so far in October. However, analysts still speak of a modest correction of the exchange rate delaywhile the value of the US currency remains below the figures of a year ago.
He dollar rose 0.63% yesterday compared to Tuesday and closed at 39.388 pesos, according to the official price of the Central Bank of Uruguay (BCU). In this way, he registered his third consecutive day on the rise – October remains 100% in positive territory – and consolidates above the range of 39 pesos.
This is not minor: you have to go back to May of this year to find the dollar at these values, so the current price, although still modest for some, is no small thing for those who no longer expected an improvement in the price of the foreign currency.
In any case, and although it has accumulated an increase of 2.16% so far this month, the dollar It continues to have a decline of 1.70% so far this year – a delay that has been significantly reduced in recent days but which still cannot be fully corrected; while the year-on-year drop is 3.83%.
Rebound or trend change?
While the last few days have shown what is clearly a bullish streak, at the very least, it is likely that soon the dollar in Uruguay reach your ceiling. In that sense, the current behavior of the currency would be more of a rebound or recovery after several months of clear decline, until reaching a value close to 40 pesos in which it will balance over the next few months.
This stabilization—what many will see as a new “ironed” dollar— It corresponds, mainly, to the need to align the exchange rate with the inflation control objectives. And more than a strengthening of the dollar – in line with what is happening on the international stage with respect to the US currency – it would seem to be a brake on its free fall.
Meanwhile, we will also have to see what happens with the interest rates: although the trend at the local level is to continue lowering it – today a cut of around 75 basis points is expected for the Monetary Policy Rate (MPR)—, the continued increase in rates in Dollars It may mean that the dynamics in pesos must accompany international behavior and, thereby, curb the disincentive for investment in local currency.
Source: Ambito
