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October 3, 2022
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Strong drop in the dollar in Uruguay, which gave up almost all of the September gain


The dollar opened the first trading session in October in the Uruguayan exchange market with a marked drop, which practically erased the recovery it had achieved in September. Last month, the interbank dollar had appreciated 1.2% on average and 1.9% in the end-to-end variation of September with the last trade of the month at $41.73.

However, this Monday the wholesale dollar fell 1.3% in the average of transactions ($ 41.21), while the last market transaction was agreed at $ 41.10, a drop of 1.4% compared to the Friday.

In board to the public of the BROU, the dollar was at $39.90 for purchase and $42.30 for sale, with a decrease of 65 hundredths compared to Friday.

so far this year, the dollar accumulates an appreciation of 7.8% against the Uruguayan peso.

Strong decline in Brazil

The tighter distance than projected by the main pollsters in Brazil between former President Luiz Inácio Lula da Silva (PT) and President Jair Bolsonario (PL) the mood of the brazilian market improved after the elections this Sunday. The dollar fell 4.2% against the Brazilian real (their biggest post-pandemic daily decline), which is trading slightly above 5.16 units on Monday’s close. Meanwhile, the Ibovespa index of the Brazilian stock market advanced 5.5%, up to 116,093 points.

“In general, this points to the challenges that an eventual leftist government would face, and also probably highlights the need for Lula to migrate to the center to cross the finish line in the second round”, say economists Cassiana Fernández, Vinicius Moreira and Mirella Sampaio, from JP Morgan, in a report sent to clients, which was disclosed by Valor.

“While we think the odds still look a bit more favorable for Lula at this point, it will be critical to see if Bolsonaro can gain momentum after Sunday’s strong results,” JP Morgan analysts wrote.

The rise in oil, of almost 4% this Monday, also explains part of this strengthening of the real. So much so that the currencies of other commodity-producing countries are also showing significant gains.

The dollar index —which measures the global strength of the greenback— falls 0.29% to 116.7 pointsamid a general relief in equity and credit markets after the British government gave up carrying out his controversial plan for tax cuts.

The local, regional and international news converged in an intense downward pressure that led the exchange rate in Chile to fall below 940 units on the first day of October. According to Bloomberg, the price of the dollar closed with a decrease of 30.11 Chilean pesos to 939.14.

In Argentina, the Dolar blue starts the month of October low. With a A$6 drop, the informal price of the currency continues with its downtrend to move away from the threshold of A$ 290, while financial dollars give up as much as 1% amid a rebound in benchmark stocks. The operators will analyze the foreign currency income that the agricultural sector will make to the official exchange market starting this Monday, after the end of the “soybean dollar” scheme. At the same time, they remain attentive to possible measures announced by Minister Sergio Massa.

With El Cronista and Diario Financiero-RIPE

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