The dollar in Uruguay It rebounded and reached the $39 range after Thursday’s fall and raises hopes that the US bill can consolidate at that value throughout this week.
According to the official quote of the Central Bank of Uruguay (BCU)the dollar rose 0.71%, closing at 39.108 pesos, reaching its highest value in almost two months and leaving behind the range of 38 pesos.
Thus, the banknote remained in positive territory on a monthly basis, with an improvement of 0.81%, driven by international and regional factors, while, in the accumulated annual period, the dollar achieved an improvement of 0.22%.
What must happen for the dollar to remain in the $39 range?
In dialogue with Ámbito, the supervising economist in CPA Ferrere, Giuliano Cantisani, He considered that a large depreciation of the dollar is not expected for the remainder of the year, so there would not be large jumps in the price, unless certain factors come together.
Among the determining factors for the exchange rate to advance is the incidence of the United States Federal Reserve (Fed). “The decision made by the Fed Next week will be key for the evolution of the dollar”, stood out.
On the other hand, he indicated as another relevant issue “the future decisions made by the BCU at the local level”, focusing on the decisions of monetary politics. In that sense, the next meeting of the Copom It is scheduled for July 16, where the authorities must decide what happens to the reference rate.
The international market reacts to France
The euro fell sharply on Monday, hit by political uncertainty after far-right gains in the European Parliament vote on Sunday led to a bruised French president, Emmanuel Macronto call early national elections.
The uncertainty in France adds another element to what will be a busy week for markets, with crucial data on inflation in USA They will be published on Wednesday, the same day that a two-day Federal Reserve monetary policy meeting will conclude, and after a meeting from the Bank of Japan that will complete the week.
The euro fell 0.6% to $1.0733, its lowest since May 9. It was also down 0.4% against the pound, to a near two-year low of 84.53 pence, and down 0.6% against the Swiss franc, to a seven-week low of 0.9626. units.
“The election results of the weekend in the European Union largely showed an uptick in support for right-wing parties, generally what was expected, but the element of surprise is that Macron reacted by calling early elections, something that makes the market more nervous,” he said. Lee Hardmansenior currency analyst at MUFG.
“That has reinforced the sell-off we saw at the end of last week in the euro and the other additional factor is that the payrolls report USA “was very strong, raising the risk of a hawkish Fed policy signal when it meets on Wednesday,” he added.
Reducing expectations of cuts rates has been supporting the dollar for much of 2024, strongly impacting the and in. He dollar It rose 0.1% against its Japanese pair, to 156.85 yen, after having risen 0.7% on Friday after the employment figures were released.
He dollar index – which compares the greenback with a basket of six prominent currencies – improved 0.22%, to 105.29 units, its highest level in a month, in a session in which the pound sterling lost 0.14% , at $1.2705.
Source: Ambito
