The dollar closed this Monday’s trading on the rise, registering an average price of $3,999.55. This translates into an increase of $16 compared to the Representative Market Rate, which for today is $3,983.15. During the day, it reached a maximum price of $4,025 and a minimum price of $3,965.
Knowing where the dollar is going is especially difficult, because there are international and national factors that cause its price to rise or fall every day. In the last week, the dollar remained at levels close to $3,950 and $4,000. For this coming week, experts predict a currency in similar terrain.
It is also worth mentioning that a good part of the dollar’s performance is tied to the behavior of the economy that produces them, that is, the United States. In that context, it is important to keep in mind that there is only one week left until the meeting of the United States Federal Reserve (FED). This body is in charge of defining the direction of interest rates, or rather the cost of money, in that country. During 2023, the US dollar has been especially dependent on decisions made at the FED.
With just a few days to go until the future of interest rates in the United States is known, the market is waiting. On Friday, Jerome Powell, chairman of the Federal Reserve, was pessimistic about the possibility of lowering rates. “We are prepared to tighten the policy further if it is appropriate to do so,” Powell said. Currently, the United States has the most expensive borrowing costs in the last 22 years.
The negotiation of the minimum wage for 2024 is also a factor closely taken into account by employers to make future decisions based on labor costs per worker. This Monday, December 4, the table that is discussing the increase (made up of the Government, businessmen and labor unions) will meet again.
The main European stock markets closed this Monday without a clear trend, with the US labor market figures, which will be released on Friday, in the spotlight.
In Paris, the stock fell 0.18% and in Milan, 0.05%. The Madrid stock market, on the other hand, rose 0.37%.
The New York Stock Exchange opened lower on Monday after a strong positive performance in November that took the expanded S&P 500 index to its highest level of the year.
Shortly after the opening, the main index, the industrial Dow Jones, lost 0.47%, the technological Nasdaq fell 0.95% and the S&P 500 – the main reference for investors – fell 0.71%.
In last Friday’s session, Wall Street ended with a gain driven by a decrease in US Treasury bond rates: the Dow Jones gained 0.82%, the Nasdaq gained 0.55% and the S&P 500 advanced 0.59%. Additionally, we invite you to see the latest economic news in El Espectador.