It should be remembered that the historical maximum occurred on March 20, 2020, when it was recorded $4,153.91†
The opening value of the US currency was $4,105†
Meanwhile, the minimum price of the North American currency during the day was $4,092.40while the high registered $4,133.
According to platform information Set-FXnegotiations were conducted for USD1.491 million through 2,850 transactions.
Juan David Ballén, Director of Analysis and Strategy at Casa de Bolsa SCB, stated that the cause of this increase is due to widespread fears of a possible global recession.
“What is being explained is that there will be no fiscal stimulus this year and monetary cuts are being made due to the rate hike at the Fed, including their start of asset sales,” Ballén said.
The analyst added that inflation is very high, which has a major impact on consumption and all consumption expectations.
For its part, the problem in China due to incarcerations has created great uncertainty, which could plunge it into recession.
Ballén pointed out that on the European side, the conflict between Russia and Ukraine has led to a slowdown in the continent, with the looming danger of a recession.
In turn, the analyst stressed that the rise in interest rates at the Fed is causing this phenomenon to run counter to growth expectations, which is why there is general nervousness on all negotiating fronts.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
