He dollar in Uruguay seems to want to recover the ground lost during last week – which had four casualties – and although it opened the week moving away from the 40 peso rangeboth on Tuesday and Wednesday it registered slight increases that placed it again close to these values that it has not reached since the end of 2022.
Marking its second consecutive rise this week, the dollar increased by 0.09% and closed yesterday’s day trading at 39.885 pesos, according to data from the Central Bank of Uruguay (BCU).
Although any increase is welcome, the truth is that this small bullish stretch – with very slight positive variations to really get excited – is linked to the up-and-down behavior that the US currency has been demonstrating during the second part of October. To the point that, on balance, it seems to be more “ironed” that in continuity of the correction of the exchange delay.
In any case, so far this month dollar keeps accumulating significant appreciation of 3.45%and there are still possibilities that it will close the year around 40 pesos, not only meeting the expectations of the local market, but also recovering all the value lost during 2023 — whose decline is still 0.46%.
The local exchange market adapts to the international context
The two consecutive increases despite rather negative recent days may respond to the fact that, with some delay, the local exchange market is responding to the high expectations that were generated in the world around the dollar after the 10-year US Treasury notes will touch a maximum of 5.021%; driven by the fact that central banks will keep rates high rates —and, therefore, the return on investments in currency USA They will still be good.
In this sense, the dollar index reached 106.1 units, strengthening the climate of trust for investors.
The general reading was that this would be a good week for the dollar, but in Uruguay The currency closed the first exchange day lower. Finally, in the last two days it seems to have been channeled into the global trend that, according to analysts from JP Morgan, will show strength over the next 3-6 months.
The next few days will be decisive to confirm whether, indeed, the dollar in Uruguay stagnated around current values or whether, on the contrary, it will be able to respond to international stimuli to continue its recovery path.
Source: Ambito
