Tomorrow, Friday, will probably be a day of not much trading in some markets due to the pre-Christmas festivities. The dollar might continue to press down on the local price and fall to $850.
The dollar had a bearish day and touched lows near $860; finally averaging $865,98despite the fact that it was appreciated internationally.
This Thursday was marked by the data presented in the United States regarding unemployment and growth.
In addition, the reason for the strength of the peso was also that the Central Bank of Chile implied in its minutes that he will not rush to lower the policy rate next yearsomething that was speculated by a large part of the market.
“This statement adjusts market expectations and raises the price of the peso, putting downward pressure on the exchange rate,” said Sebastián Espinosa, senior market analyst at XTB Latam.
GDP in the US was revised upwards once moreconfirming that finally the growth in the third quarter was of a 3,2%well above the 2.4% initially projected and above the 2.9% previously expected.
“On the other hand, requests for unemployment benefits have fallen from expectations, which is putting upward pressure on a dollar that still has doubts regarding how many rate hikes will come in 2023 and how far the monetary policy rate will go,” Espinosa added. .
covid in china
by the side of copperit was seen that there is still insecurity regarding the large increase in covid cases in China and the massive stoppage of activities that is taking place in the country, almost “voluntarily”.
“There is speculation regarding large numbers of infections and unofficial deaths, although the truth is that the market sees a threat to the economic activity of the Asian giant in the short term, which threatens the expectations of demand for metals and it puts downward pressure on the metal”, commented the XTB Latam expert.
Tomorrow, it ended, will probably be a day of not much trading in some markets due to the pre-Christmas festivities.
The dollar might continue to press down on the local price and fall to $850.
