2023-06-29 20:05:00
The dollar rose on Thursday in the Chilean exchange marketfollowing the United States reported right at the beginning of the session a final growth of 2% annualized GDP in the first quarterbetter than the 1.4% expected by the market consensus, and amid pressure for a new drop in copper.
The currency ended the session in $803.76, up $2.91 from Wednesday’s close, according to data from Bloomberg. He dollar index It was up 0.42% at 103.33 points, while Comex copper futures were down 1.26% at US$3.67 a pound.
In addition to GDP, in the United States the Department of Labor reported that en the week ending June 24, seasonally adjusted initial claims advance for unemployment insurance was 239,000which represents a decrease of 26,000 compared to the revised level of the previous week.
“The annualized GDP data came out better than expected, putting pressure once more on the Federal Reserve and it will most likely stick with its two rate hike talks for the rest of the year,” he said. Rodrigo Castillo, CEO of BeFX. Castillo also highlighted that jobless claims were lower than expected, “which indicates a more dynamic labor market, where it might eventually generate higher inflation.”
rate hikes
Federal Reserve Chairman Jerome Powellassured Thursday in Spain -before the GDP figures were known- that there is still “a long way” for inflation in the United States to drop to 2% and insisted that before the end of the year it is still possible to expect at least two additional increases in interest rates, located between 5% and 5.25%.
The exchange day in Chile was marked “by greater dynamism in the world’s leading economy with respect to market expectations and previous revisions (…) and together with this an increase in the probabilities of knowing a rise in the exchange rate interest from the Fed on July 26, expecting with more than 70% an advance of 25 basis points that would indicate a referential of 5.5%”, agreed Renato Campos, chief analyst at Admirals.
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