Investors began a short week on Monday with a moderate tone, with stock indices stable near last week’s highs, as inflation data from USA They are the next milestone in the narrative of rate cuts during the boreal summer.
He dollar weakened against the yen, with the threat of monetary intervention by Japanese authorities and a government-driven rise in the Chinese yuan weighing on the US currency.
The MSCI world stock index fell 0.1%, although only about 5 points below its all-time high last Thursday. Meanwhile, in Europe, The STOXX index of 600 companies weakened slightly to 509.4 points, after reaching an all-time high of 510.46 points last Friday.
At once, Goldman Sachs raised its target for the benchmark index in 2024 from 510 to 540, citing possible improving economic growth and rate cuts, while US stock index futures traded slightly lower.
Waiting for the PCE
The main data of the week will be the price index of the underlying personal consumption (PCE) of USA on Friday, which is expected to increase 0.3% in February, keeping the annual pace at 2.8%. Analysts say any hike would be seen as a setback to bets on a Fed rate cut in June.
Many markets will be closed for Easter on Friday, when data for the year will be published. PCE, so the full reaction will have to wait until next week.
In Asia, the Nikkei Japanese fell 1.1%, after rising 5.6% last week and reaching a new all-time high thanks to the weakening of the yen.
He dollar was trading at 151.34 yen, having risen 1.6% last week to a high of 151.86. Markets are cautious about the yen reaching 152.00, a level that has prompted intervention by Japanese authorities in the past.
While the euro traded at $1.08145, dragged down by the Swiss franc after the SNB rate cut.
The strength of dollar had taken some of the shine off gold, although the metal rose again to $2,165 an ounce, after reaching an all-time high of $2,217.79 last week.
He Brent rose 0.3% to $85.66 per barrel, while US crude oil rose 0.3% to $80.91 per barrel.
The dollar in Uruguay failed to leave the $37 range behind
He dollar rose 0.48% this Friday compared to Thursday and was quoted at 37.89 pesos, according to data from the Central Bank of Uruguay (BCU)an increase that was not enough for the currency to leave the range of 37 pesos in which it entered on Thursday.
The banknote is going through a more than negative March, with a depreciation of 2.96%, while in the accumulated figure for 2024 the decrease is 2.90%.
The closing price of the day in the Uruguayan Electronic Stock Exchange (Bevsa) It was 37.85 pesos.
On the reference board of the Republic Bank (BROU)he dollar Retail ticket was offered at 36.60 pesos for purchase and 39.10 pesos for sale. For its part, the preferential value of eBROU dollar It was at 37.10 pesos for purchase and at 38.60 pesos for sale.
Source: Ambito
