The US currency is still unable to penetrate the $40 range, after a week with four consecutive falls.
Away from $40 dollar The market opens after a week with a daily drop of 0.01% and having closed the last day at 39,558 pesos, according to the official price of the Central Bank of Uruguay (BCU).
Meanwhile, market expectations for the dollar, after a week of decline, the banknote moved away from market forecasts, since, in the last Economic Expectations Survey, the analysts consulted by the BCU They placed the median at 39.95 pesos for the end of the month. At the same time, thinking about the end of the year, they anticipate that the value of the ticket will reach 40.10 pesos, slightly higher than the 40 pesos that they anticipated last month.
It remains to be seen whether or not the reduction of 25 basis points in the Monetary Policy Rate (TPM) that defined yesterday the Monetary Policy Committee (Copom), a decision that could have an upward impact on the US currency.
The unexpected drop in interest rates
For his part, the central bank Days ago, it defined a new reduction in the Monetary Policy Rate (MPR), which was around 9.25% and surprised a good part of the market, when it was thought that the end of the cycle of reductions was going to begin.
Coinciding with the reduction of reference interest rates, Investors could see offers in pesos as less attractive and turn to the dollar, which may give room for appreciation in the coming weeks.
However, we will have to see what happens with the dollar at a global level, where the forecast is that it can remain strong due to the expectation that the next movement of the Federal Reserve United States (Fed) It’s not going to be a cut.
The price of the dollar over the last five days
- November 13 — 39,982
- November 14 — 39,893
- November 15 — 39,699
- November 16 — 39,561
- November 17 — 39,558
Source: Ambito
