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The pound and the euro rose against the dollar due to political uncertainty in Europe

The pound and the euro rose against the dollar due to political uncertainty in Europe
The pound and the euro rose against the dollar due to political uncertainty in Europe

US markets remained closed for Independence Day in the country.

The pound sterling and the euro They climbed up in front of the dollar This Thursday, on a day marked by the closure of the American markets – for the United States Independence Day—, and after the weaker-than-expected economic data from the North American country caused the greenback to fall. Uruguaythe dollar returned to the 39 pesos range.

The economic data from the United States —which show a slowdown in the economy— and the proximity of the start of voting in United Kingdom and France The pound and euro rose against the US currency. The former rose 0.03% to $1.2761, while the euro gained 0.01% to $1.0812.

Meanwhile, U.S. employment and service sector reports again tipped the balance of bets on interest rates and possible government decisions. Federal Reserve (Fed) In this regard, markets now see around 50 basis points of interest rate cuts in 2024, most likely starting with a 25 basis point move in September and a second at the end of the year; bets that also pushed down bond yields US Treasury bonds.

The most important monthly data on the U.S. labor market, nonfarm payrolls, due on Friday, is expected to show an increase of 190,000 jobs in June, after a rise of 272,000 in May, according to a Reuters survey of economists.

On the British electoral level, the leader of the Labour Party, Keir Starmeris emerging as the next prime minister, sweeping from power the Conservative Party of Rishi Sunak after 14 years. This scenario adds to the greater uncertainty surrounding the French elections, with a second round scheduled for Sunday.

In Uruguay, the dollar returned to the 39 pesos range

The dollar fell 0.20% compared to Wednesday, closing at 39.961 pesos, according to the interbank exchange rate. Central Bank of Uruguay (BCU)thus chaining two consecutive days of decline and falling again to the 39 pesos range.

On Tuesday, the US currency reached its highest value since the end of 2022 and has already accumulated a variation of 2.41% on an annual basis, after its interbank rate was 0.94 pesos higher than that registered after the close of the last exchange day of last year.

Source: Ambito

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