He dollar in Uruguay continues its bullish rally and surpassed the 42 pesos threshold on Monday to reach an interbank average of 42.104 pesos, its highest mark since mid-2022.
The greenback has now accumulated a monthly variation of 4.39% and an annual variation of 7.90%, after its price was 3.08 pesos higher than that registered after the closing of the last exchange day of last year.
He PIT-CNT plebiscite to reform the system of social security and its eventual approval next month represents “a reasonable uncertainty” for investors, as analyzed days ago in dialogue with Scope CPA Ferrere’s Economic Analysis Manager, Nicholas Cichevsky.
The lack of certainty about the rejection of the ballot appears to be a factor that puts pressure on the exchange rate and also generates a greater number of amounts traded, due to the risk aversion of large investors.
The global dollar
He dollar indexwhich measures the performance of the dollar against a basket of currencies, including the yen and the eurorose 0.05% to 100.83 after having reached 101.23 earlier in the session. The euro fell 0.39% to $1.112 and is on track for its biggest daily drop since Sept. 9.
“What we’re largely looking at is interest rate expectations; most expect the Fed to lead and be relatively more aggressive in terms of cutting interest rates; historically that’s been a reasonable interpretation,” he said. Michael Greenportfolio manager and chief strategist at Simplify Asset Management in New York.
The euro fell against the dollar on Monday as business activity reports from the euro zone economy disappointed, briefly extending declines after U.S. data showed activity there was steady, and ahead of a series of speeches from the Federal Reserve this week.
Weak euro zone data supported expectations of further interest rate cuts by the central bank. European Central Bank this year, and markets currently price in a roughly 77% chance of a cut of at least 25 basis points (bp) at the central bank’s October meeting.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
