The US currency traded below $39 for the first time since December, while the dollar index is stable.
He dollar in Uruguay It cannot adapt to international stability and, in the last two days, it fell enough to fall below the 39 peso range for the first time since last December 1. 2024 already accumulates a negative result for the local exchange rate.
He dollar fell 0.78% at the close of trading yesterday, not only chaining its second consecutive decline, but also falling to the range of 38 pesos for the first time in the year. In this way, and according to the data of the Central Bank of Uruguay (BCU)the US currency was quoted at 38,745 pesos, a value that it had not reached for almost two months.
Meanwhile, 2024, which had begun with optimistic behavior regarding the exchange rate In the local market, it abruptly reversed this trend and already accumulated a negative monthly – and annual – variation of 0.71% in January. If the specific quotes are compared, between the close of 2023 at 39,022 pesos and yesterday’s close at 38,745 pesos, the dollar lost almost 0.28 pesos.
Contrary to the international scene
In a striking way, especially considering that the behavior of the dollar in Uruguay During 2023 it was quite aligned with what happened in the currency internationally, the dollar index It is going through relatively good times, with a recovery that has remained stable for several days.
In that sense, on Friday it closed its second consecutive week higher and was trading around 103.34 units. It is the currency of the developed markets which has gained the most in January, with an increase of 1.8% since the beginning of the year; even despite the ups and downs it has been suffering due to the changing expectations of operators regarding the monetary politics of the United States Federal Reserve (Fed).
In this regard, and for the moment, the rate futures market predicts a 40% chance of a cut in March, down from 80% a week and a half ago, according to data from LSEG. By 2024, futures traders are betting on five cuts of 25 basis points each, compared to expectations of six two weeks ago.
Source: Ambito
