The end dollaralizor upwardwhile Traders held on to gains from Monday’s rally driven by signs the U.S. economy is cooling.
The currency closed the day with an average price of $3.909.69, with which broke the barrier of $3,900, about $48.77 above the Representative Market Rate which for today was at $3.860.92. The North American currency reached maximum prices of $3,940 and minimum prices of $3,880. 3,411 transactions have been carried out for a value of US$1,865 millions.
The bullish movements, according to experts, are due to the results of the elections in Mexico, which are beginning to generate nervesearthquake in the market.
According to Bloomberg, swap contracts tied to upcoming Fed meetings continue to fully price in a quarter-point rate cut in Decemberwith the odds of a move as soon as September rising around 50% and November also given the high odds.
Later Tuesday, economists expect numbers to show a third straight monthly drop in U.S. job openings.while Friday’s payroll figures look crucial in the search for clues about the outlook for the world’s number one economy and interest rates.
“At some point, weak data should turn into bad news for risk assets, but we would say that time is a few weeks or a couple of months away,” Mohit Kumar, chief European strategist at Jefferies, wrote in a note to the clients. “We remain risky assets in the long term. Initially, Weaker data could be interpreted as good for risk assets as it increases the likelihood of a Fed cut”.
According to Reuters, On Sunday OPEC+ agreed to extend until 2025 most of its production cuts, but left room for the voluntary resignations of eight of its core members to be gradually reduced starting in October.
The group also agreed on a new production target for the United Arab Emirateswhich has been pushing for a higher quota.
“There is a lack of clarity and the market is ending, with UAE production increasingthat there is discord within the group amid a push to produce and export more oil,” said John Kilduff, partner at Again Capital.
