The US currency fell both locally and globally, and remains far from the expectations of economic agents.
He dollar in Uruguay closed on Friday with the worst weekly drop so far this year and, after sinking a little further into the range of 38 pesos, marked its fourth negative weekly balance consecutive.
The bad news continues to accumulate around the dollar and, above all, regarding the exchange rate delay, despite the fact that the US currency remains practically “ironed”, without considerable variations although, in general, with a tendency towards weakness in its value.
After falling for the third consecutive day, this time by 0.01%, the greenback was quoted at 38,756 pesos, according to data from the Central Bank of Uruguay (BCU). From “end to end”, the ups and downs of the week resulted in a drop of 0.44%, the largest so far in 2024.
If the monthly balance is observed, it is also negative since, if the behavior of the last six exchange days is considered, the dollar It has lost 0.74% of its value; and on only one occasion did it manage to trade above 39 pesos. Just like if you look at the performance so far this year, where the decline is already 0.68%.
A decline in tune with the international scene
Last week, and unlike what had been happening on previous occasions, the dollar At a global level, it also had a negative week in which it completed its largest weekly drop since mid-December, with a decline of more than 1% from “end to end”—a drop greater than that experienced by the Uruguayan exchange market.
These results were due to the publication of non-agricultural payrolls, which recorded an increase of 2,750,000 jobs compared to last month, according to the Department of Labor, Bureau of Labor Statistics of USA. Likewise, the unemployment rate rose to 3.9% in February, after remaining at 3.7% for three consecutive months.
“The report should provide some optimism that, although the scale of relaxation will not be as strong as believed at the beginning of the year, things are still moving in the right direction to allow the Fed cut this year,” he said Stuart Cole of Equiti Capital, to the Reuters agency. “At least in the short term, I think the dollar will be quoted in a softer position”, considered the specialist.
Source: Ambito
