The dollar in Chile began the day resuming its downward trend, but reversed its trend despite the fact that the Chilean peso faces a day in which the price of copper rises and before a greenback that loses strength at the international level. However, in the same way, it is heading to break its streak of six consecutive weeks on the rise, where it accumulated profits of $166.13
Two hours following closing, the dollar rises $26.45 compared to yesterday’s close and trades at a value of $954.50. In addition, the United States currency would register three consecutive days on the rise, in which, in the previous two, it rose $1.06.
“Let us remember that a stability of the currency is expected in the range of $930 for two months, so it is not surprising that these setbacks may be normal, since the entire intervention will be complete by September 30”, Libertex senior analyst Ángel Rubilar said.
So far today, the dollar registered a minimum value of $921.90 in Chile and now registers its highest values.
For his part, the general manager of Ruvix, Sergio Tricio, highlighted, through social networks, that “the Central Bank takes its foot off the accelerator with its intervention. Next week, between spot and forward operations, they will settle US$500 million per day versus US$700 million this week”.
Given this, the Capitaria market analyst, José Tomás Riveros, estimated that “the exchange rate might be pushed upwards.”
The dollar in Chile falls despite the fact that the Chilean peso is strengthened by the rise in copper, before a day where the market once once more shows appetite for risk. Copper closed with a gain of 1.94% at a value of US$3.3439 a pound. Meanwhile, the value of the reddish metal gains 1.06% and is trading at a value of US$3.33 per pound.
Investors lowered expectations of US rate hikes, global stocks rose for a sixth day and the dollar weakened from 20-year highs, helping dollar-priced metals by making them cheaper for buyers with other prices. currencies, according to Archyde.com.
Along these lines, WisdomTree analyst Nitesh Shah told the news agency that Chinese demand for metals, down in recent months due to the COVID-19 lockdowns, should also improve. “Markets are on edge with central banks being so aggressive … but the pressure from higher rates should ease at some point,” he added.
For its part, the dollar at the international level is falling once more and continues its path to move away from its highest level since 2002. The dollar index deepens its losses of 0.40% and is heading for its second consecutive day of decline.
Given this scenario and during this Friday, the Chilean peso is the currency that depreciates the most once morest the dollar in the world.
