The US currency had its biggest rise in more than a month in the Uruguayan exchange market, and was within cents of $39.
He dollar in Uruguay managed to come back on the last day and be one step away from returning to the range of 39 pesos after what was its biggest increase in just over a month, at the same time as the international operators They await with expectation the inflation data of USA.
With an increase of 0.64%, the highest so far this year, the dollar closed at 38,954 pesos, according to data from the Central Bank of Uruguay (BCU). In this way, not only did it almost reverse four days of negative performance – although it rose on Wednesday, it was a minimal variation of 0.06% – but it also came within a few cents of recovering its position in the range of 39 pesos, starting to approach the market expectations —which project a value of 39.38 pesos by the end of the month.
Likewise, the US currency continues to accumulate a negative balance in 2024, although the gap was reduced from 0.82% to 0.17%. Although we will have to wait and observe the behavior of the exchange rate In the coming days, it is possible that the performance of the currency in the local market will begin to adapt to the stable recovery that it experiences globally, hand in hand with good data from the US economy.
Good signs globally
For his part, the global dollar continues to operate stable following the news that USA closed 2023 with an expansion of its Product Gross Domestic (GDP) 2.5%, above the 1.9% in 2022 and driven mainly by consumption.
Likewise, in the fourth quarter the economy grew 3.3%, above expectations; which also showed that price pressures were decreasing, in line with the idea that the Federal Reserve (Fed) would be in no rush to cut interest rates.
This will be confirmed today, with the publication of data from personal consumption expenditure (PCE), which can be decisive both for the Fed and for operators who are still betting on a rapid rate cut. With a good indicator result, the dollar could face a scenario of consolidated stability. In that sense, economic and financial analysts agree that there is still room for the recovery of the currency after 2023 in which it fell more than 2.5%.
In any case, “most economists have already left their recession forecasts behind, but we are still not convinced,” warned the economist. Eliza Winger, while recalling that “GDP could slow significantly in the first half of 2024 due to a cooling in the labor market and concerns about the availability of credit and consumer demand.”
Source: Ambito
