Global dollar rose after Jerome Powell’s appearance in the US Senate

In Uruguay, the greenback fell by 0.35%, although it has accumulated an increase of 2.31% on an annual basis.

Photo: Reuters

He global dollar rose this Tuesday against its main peers after the appearance of the president of the United States Federal Reserve ( Fed), Jerome Powellwhere it opened the door to a possible rate cut.

He dollar index (DXY), which measures the value of the currency against a basket of six currencies, climbed to 105.013, after experiencing an increase of 0.13% throughout the day.

The index plunged 0.9% last week, exacerbated by Friday’s monthly payrolls report, which boosted bets that the Fed would soon begin cutting rates. According to CME Group’s FedWatch tool, the probability of a rate cut at the September meeting is 76%, up from 66% a week ago. An additional cut could be expected by December.

USA no longer has “an overheated economy,” according to Powell, from a working market which has “cooled considerably” since the extremes of the pandemic, and is in many ways back to where it was before the health crisis.

The dollar fell for the second day in a row in Uruguay

He dollar fell by 0.35% in Uruguay This Tuesday, closing at 39.922 pesos, according to the official exchange rate. Central Bank of Uruguay (BCU), thus chaining its second consecutive day of decline and returning to the 39 pesos range.

The greenback has accumulated a negative variation of 0.17% on a monthly basis and a positive one of 2.31% on an annual basis, since its interbank rate is 0.90 pesos above the one registered after the closing of the last exchange day of last year.

Source: Ambito

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