2024-03-28 14:36:00
A slight upward trend showed the dollar this Thursday in Chileafter a series of economic data that was published on the eve of the Good Friday holiday: solid sectoral data from the INE in Februaryfigures of unemployment in the December-February quarter lower than expected, and in the United States, a upward revision of the Gross Domestic Product (GDP) in the fourth quarter of 2023.
Before noon, The dollar rose $2.83 to $983.34 compared to Wednesday’s close, according to quotes on Bloomberg. Market rates rose slightly in the United States, after the GDP was revised upwards in its final reading. An indicator of the global dollar showed no relevant changes and Comex copper was trading flat at US$4 a pound.
XTB Latam market strategist, Fernando Urquieta, noted that “market volumes are low”, as it is the end of a short weekand also the wait continues before the consumption and personal spending indices tomorrow, Friday.” These include the underlying personal consumption deflator, a figure that the Fed watches with special attention.
“These are the first inflation data we will have after the Fed meeting”, the analyst remarked, although the focus would then remain on the upcoming employment figures for the North American country. He also clarified that “the battery of data that has emerged here in Chile is not so relevant when compared to the Central Bank’s rate decision next week, which has the market a little more cautious.
Treasury yields rose early after Fed Governor Christopher Waller yesterday afternoon stated that “there is no rush” to lower the federal funds rateciting “disappointing” inflation data and the resilience that economic activity and the labor market have shown.
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