Nominal exchange rate to the US$: Latin American countries (domestic currency per US$ dollar variation Jun 23 vs Oct 22) Nominal exchange rate to the US$: Latin American countries domestic currency per dollar index Oct 2022 = 100)įigure 3b. Depreciation of the US$ vs currencies of Latin American countriesįigure 3a. Nominal exchange rate to the US$: emerging countries (domestic currency per dollar index Oct 2022 = 100)Īmong the currencies of Latin American countries, the largest appreciations were recorded in Chile and Mexico, while the smallest occurred in Uruguay and Brazil (Figures 3a and 3b).įigures 3a & 3b. Depreciation of the US$ vs currencies of emerging countriesįigure 2a. The smallest appreciations occurred in emerging Asia and the largest in emerging Europe, with Latin American countries falling in between the two extremes (Figure 2b).įigures 2a & 2b. On the other hand, the appreciation of emerging countries’ currencies against the US dollar was generalised (Figure 2a). Nominal exchange rate to the dollar: advanced and emerging countries (domestic currency per US$ variation Jun 23 vs Oct 22) Nominal exchange rate to the US$: advanced and emerging countries (domestic currency per dollar Index Oct 2022 = 100)įigure 1b. Depreciation of the US$ vs currencies of advanced and emerging countriesįigure 1a. Only China’s currency remained relatively stable against the US dollar, as access to its domestic capital market is restricted.įigures 1a & 1b. The US dollar loss of value against the currencies of the advanced countries was greater than against the currencies of the emerging countries, and larger against the euro than with respect to the rest of advanced countries. The truth is that since October 2022, when inflation began to ease in the US, the dollar depreciated very significantly at the global level with respect to the currencies of both advanced and emerging countries (Figures 1a and 1b). Throughout the region there is an understandable outcry from exporting sectors that see their profitability margins narrowing or even disappearing. The appreciation of Latin American currencies against the US dollar has led to a significant increase in prices and domestic costs measured in US dollars and to a loss of competitiveness.
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