Is the economy building momentum for a depreciation of the UYU peso?

URUGUAY - Report 28 Aug 2023 by Esteban Fernández Medrano

In this report, we examine the reasons for a possible end to the UYU peso's appreciation path. A growing trade deficit, declining external competitiveness linked to falling local activity, and CPI inflation's fall towards the lower end of the BCU inflation target not only lead us to believe that the BCU will continue cutting rates, but also that the FX appreciation path seen over the past years might be reaching an end.

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