The US currency stabilizes after falling due to business growth data in the US, while in Uruguay the rate cut is not enough to overcome international movements.
He global dollar recovers from its fall yesterday although it is still far from its maximum in five and a half months, influenced by the different economic data of recent days. In Uruguay, Meanwhile, the US currency added its second consecutive day of decline and moves away from the market expectations.
He global dollar rose on Wednesday and recovered part of the ground lost against the euro and the pound sterling in the strong falls of the day before. Thus, and with an increase of 0.2%, the dollar index —which measures the price of the US currency in relation to a basket of six world currencies— reached 105.85 units, after having touched its lowest level since April 12, with 105.59 points.
The very good European activity data together with the cooling of the Business Growth of USA to a four-month low due to weaker demand led to the greenback losing 0.4% of its value on Tuesday.
This Friday, meanwhile, the PCE, the measure of the consumer inflation preferred by Federal Reserve (Fed) to read the state of the economy in order to make monetary policy decisions. Depending on the tool FedWatch of CME, The probability of a first rate cut in September is 67%.
The dollar does not rebound in Uruguay
In Uruguay, meanwhile, the dollar marked its second consecutive day of decline, with a significant drop of 0.42% that took the price to 38.346 pesos, according to data from the Central Bank (BCU).
Although the currency still accumulates a positive balance of 2.11% so far in April, the depreciation for the year is still 1.76% and the price remains far from what was expected by the markets and for the export sectors. In the case of the second group, the expectation does not drop below dollar at 43 pesos, while agents foresee an exchange rate at 39 pesos by the end of the month. In both cases, continue away.
The biggest changes in this trend will depend on what happens internationally since the extent of the BCU cutting the reference interest rates does not seem to have had a great impact on the price. Likewise, it is unlikely that, in the coming months, there will be progress in a new decline in the Monetary Policy Rate (MPR), on the one hand, for the objective of consolidating inflation at a new goal of 3.5%; and, on the other, due to the inflationary pressures expected worldwide for the second half of the year.
Source: Ambito
