The dollar began the month with new increases once morest the Chilean peso, in a day marked by a sharp drop in the price of copper and by the economic activity of May in our country. In addition, today the details of the tax reform promoted by the government.
The US currency is at $932.67 and is up $12.4. It also reached a new all-time high. On the day it reached a peak of $939.47, just minutes before the government presented the details of the reform that will begin to be processed from next week. Starting at 12 o’clock, the coin began a decline to $929, before settling above $930.
“We had the presentation of the Tax Reform by the Minister of Finance, Mario Marcel, and we have to wait for its implementation to see how it will be collected and see how the modifications will be received, for example, in terms of housing and leases, and taxes on the real estate sector,” said Ángel Rubilar from Libertex.
Cristián Cerna, managing partner of Senior Management, indicated that “the effect of the tax reform is undoubtedly a good reason for the high net worth to take refuge in the dollar, which will continue to have an impact, since today it was close to $940. In my opinion, the dollar is not going to give in as we get closer to the exit plebiscite.”
This Friday May’s Imacec was published. Economic activity confirmed the slowdown trend, although the figure was above analysts’ expectations.
“As long as we continue with low growth projections, in addition to greater fears regarding inflation worldwide, we should see the FED continue with more aggressive rate hikes, which would continue to pressure the dollar globally in an upward manner, in addition to seeing falls in the price of copper,” said José Tomás Riveros of Capitaria.
On the other hand, copper showed a new drop of 3.27% to US$3.618 per pound. The red metal hit its lowest level since February 5, 2021 amid recession fears.
“The month of July begins with the worrying situation that the red metal throws as it loses structural supports, which increases the chances of further declines. The corrections in the last sessions in copper have occurred due to the continuous fears of recession, which also contribute to increases in the dollar index”, said Benjamín Castillo of XTB Latam.