He dollar in Uruguay It cannot raise its head despite the fact that the world registered an increase; Quite the opposite: with yesterday’s drop it reached its lowest value in more than a month and continues to move away from the 40 peso range.
Just as October was an extremely positive month for the dollar in the local market, despite multiple analyzes that warned of the fleeting nature of the bullish rally, November has been bad news regarding the exchange rate correction. In this sense, at the close of trading yesterday, the US currency registered a fall of 0.49% and was trading at 39,699 pesos, according to data from the Central Bank of Uruguay (BCU).
This is his lowest value since October 6, when the ticket was sold for 39,596 pesos.
This second consecutive day of decline consolidates the behavior of the dollar in the ups and downs that has been registering so far this month, in which it has already fell 0.69% —unlike what happened in October, when it accumulated a positive balance of 3.68%. Likewise, in 2023 the currency lost 0.93% of its value, while in the year-on-year comparison the fall is 0.19%.
The global dollar managed to rebound
The sharp drop experienced by dollar At the local level it can be explained in the behavior of the currency at a global level: at the close of trading on Tuesday it registered the largest fall in a year after the data of inflation of USA, which showed a faster deceleration than expected.
However, with the publication of the performance of retail sales – which fell less than expected in October – the currency managed to reverse the negative sign. In this way, the dollar index —which compares the bill with a basket made up of six other strong currencies in the world— rose 0.31% on Wednesday compared to the previous day.
Although it is still close to the minimum touched on Tuesday, the index stood at 103.98 units. Today, meanwhile, it opened at 104,225 units, also showing an improvement.
The forecast for the next few days is that the global dollar remains relatively strong. “Until the market believes that the next move of the Federal Reserve is going to be a cut and believe it or not, we will see bouts of dollar strength before dollar weakness becomes the trend,” he said. Steven Englander Head of Global G10 Currency Research Standard Chartered Bank in NY.
“Today’s data was neutral to slightly stronger than expected,” he explained, adding that “the market is still unsure about US growth.”
Meanwhile in Uruguay The trend of ups and downs may continue, around a price that is within the expectations of the local market.