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Global dollar falls to two-month lows due to US economic data

Global dollar falls to two-month lows due to US economic data

In Uruguay, the US currency also plummeted and returned to the $38 range after two consecutive days of growth.

Photo: Pixabay

He global dollar hovered around eight-week lows on Friday, as investors await jobs report in USA which might give a better idea of ​​when the Federal Reserve (Fed) to cut the interest rates, an action that is strongly expected and that, consequently, greatly influences the price of the currency. In Uruguay, The exchange rate also fell.

He dollar index —which compares the performance of the greenback with a basket of six internationally relevant currencies— fell 0.1%, to 104.05 units, close to this week’s minimum of 103.99, the first time it was below of 104 since April 9. Meanwhile, it is headed for a weekly decline of 0.54% after a series of weaker macroeconomic data that led investors to once again put on the table the possibility of two rate cuts by the Fed, of a quarter point for this year.

This has made operators prepare for a nonfarm payroll report looser, with the possibility that the job growth is below the average forecast of 185,000 by economists.

The euro, for its part, maintained the overnight gains after the European Central Bank (ECB) cut rates in a widely expected move, although it offered few clues about the outlook for future monetary policy as inflation remains above target.

A short stay in the $39 range

In Uruguay, meanwhile, the dollar fell 0.60% compared to Wednesday, closing at 38.834 pesos, according to the official exchange rate of the Central Bank (BCU), and thus ending two consecutive days on the rise. The negative movement, in line with the international scenario, caused the currency to return non-stop to the range of 38 pesos, after just one day above 39 pesos.

The North American currency has also accumulated a positive variation of 0.11% so far in June, although it reversed the annual sign again, with a cumulative depreciation of 0.48%. Its price is 0.19 pesos below that registered after the closing of the last exchange day of last year.

Source: Ambito

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