2023-07-07 16:13:00
The dollar reversed an initial fall and rose this Friday following the CPI for June showed an unexpected monthly contractionweakening the Chilean peso due to the expectation of lower rates from the Central Bank, and despite the fact that global markets celebrated the adjustment in US payrolls It makes the job of the Federal Reserve easier.
The local parity grew $3.64 to $807.98 -session highs- at noon on Bloomberg screens, following opening lower to $802 and quickly changing course.
The National Statistics Institute (INE) reported this morning that the CPI fell 0.2% monthly in June, something that had not happened since September 2017 and that it was below all estimates in a Bloomberg survey. The annual rate fell to its lowest level since 2021 and the series that excludes volatile elements fell to its lowest level since May.
“This gives greater arguments for the Central Bank to begin a process of lowering rates at its next meeting, a situation that weakens the local currency and supports a rebound in the greenback,” wrote the head of studies. trading of Capitaria, Ricardo Bustamante.
The shift in prospects was reflected in the curve of swapswhere the three-month rate fell 12.8 basis points (bp) and the 12-month yield plunged 28.5 bp.
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Employment in the US
On the external side, he dollar index It fell 0.79% to 102.34 points, Comex copper rose 1.27% to US$3.78 a poundwhile the two-year Treasury note fell 5.4 bp to 4.93%.
It was early reported in the United States that 209,000 payrolls were created in Junea lower figure than the 230,000 estimated by economists and which was accompanied by a negative net revision in two months.
The news injected optimism to investors who are eager to see the adjustment of the Federal Reserve reflected, so that the entity does not insist on continuing to raise interest rates.
Enthusiasm prevailed even though average salaries remained at 4.4% per year from an upwardly revised May rate, when a slowdown to 4.2% was expected; and the unemployment rate fell one tenth to 3.6%, in line with forecast.
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