Peso Moving Beyond 2008 Highs

The Uruguayan peso broke through two-year resistance against the US dollar on May 12 to reach UYU18.90/US$, bringing into sight our long-held UYU17.00/US$ upside target (last outlined on April 9 in 'Peso Continues Rally Unabated' in our online service). This break means that the peso is now the first regional currency to return to its pre-crisis high, further evidence of both the economy's resilience and growth potential.

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